Federal constitutional court – the constitutional court reviewed the banking supervision by the ECB Before the constitutional court, negotiations on the banking Union. The supervision of banks by the ECB is in breach of the basic law, argue the plaintiffs. © Photo: Uli Deck/dpa
defended The Federal government has the German participation in the European banking Union before the Federal constitutional court. A local Bank problem could grow easily to a stability problem for the entire Eurozone, said the Parliamentary state Secretary in the Ministry of Finance, Christine Lambrecht, at the hearing in Karlsruhe. The close interconnectedness in the banking sector could only be a European Supervisory and resolution authority.
monitors As a lesson from the financial crisis of 2007/2008, the largest banks and Bank groups since 2014 of supervisors under the umbrella of the European Central Bank (ECB) in Frankfurt. In addition, States flow out of the Euro, many of the billion can handle of its own restructuring funds in a Fund to institutions in a difficult economic situation if necessary.
The plaintiff to the Berlin financial expert Markus Kerber (Europolis-group) hold both to be unconstitutional. Germany take on uncontrollable liability risks for the Federal budget, but I have to say potentially. The Federal government and the Bundestag have given up their sovereign rights to the citizens completely unprotected, criticized Kerber. From his point of view, there is no legal basis to transfer such far-reaching competences.
judgment only after months of
court President Andreas Voßkuhle expected to be made clear right from the start, that questions, especially to this Competence. About “questions as to the meaningfulness of the banking Union” will not have the Federal constitutional court. The verdict will be announced, according to experience, at the earliest, several months after the trial. It is also conceivable that the judges expose the inside and judge the methods, Central questions to the European court of justice (ECJ) in Luxembourg for a preliminary ruling.
The German financial Supervisory authority BaFin reported positive experiences. He was initially skeptical, said BaFin President Felix Hufeld, but the cooperation works better than it would have been between the national authorities is possible.
The ECB Bank supervisor will supervise currently 118 “significant” institutions in the Euro area, including 21 in Germany. For around 1,400 “less significant” German banks, BaFin and the Bundesbank will remain in charge. Hufeld said the ECB is exercising their General right to issue instructions in moderation. “We feel here, not bullied.”
The Second Senate questioned whether monetary policy and banking supervision under the umbrella of the ECB to be clean enough separated. Federal Bank Director Andreas Guericke, to create a separate authority with its own decision-making body. Currently, we have no ideal solution. However, the European treaties would have to be changed. In order to lose no time, had to dispense with the creation of the banking Union.
The judges also, the ECB had invited. The refused, however, to send a representative to Karlsruhe.
