This summer, the German Federal Constitutional Court initiated its second ever preliminary reference to the CJEU, challenging the legality of ECB policies. This blog highlights its links to previous jurisprudence and its impact on judicial dialogue.
The General Court excluded all liability of the ECB for the loss suffered in 2012 by the private bondholders as a result of the restructuring of the Greek debt.
The financial crisis has, in the opinion of the European Commission, shown that mere coordination between domestic financial supervisors is not enough. A single supervisory mechanism is needed to break the vicious link between sovereign debt and bank debt.