An Interdepartmental Research Team Led by Marco Ventoruzzo Obtains a Grant from the ECBTHE TEAM, INCLUDING SCHOLARS FROM BOCCONI AND OTHER ITALIAN AND INTERNATIONAL UNIVERSITIES, HAS BEEN ACKNOWLEDGED FOR A RESEARCH PROPOSAL ON JUDICIAL REVIEW OF CENTRAL BANK POLICIES AND DECISIONS IN A COMPARATIVE PERSPECTIVE
When, in September 2012, the European Central Bank (ECB) announced its Outright Monetary Transaction (OMT) program, allowing the bank to purchase on secondary markets unlimited amounts of bonds issued by financially troubled Eurozone governments, Germany’s Federal Constitutional Court claimed that the ECB had exceeded its powers and asked the Court of Justice of the European Union (CJEU) to rule on the subject. The German Court’s reference was worded in a way that induced some to interpret it as a sort of “last warning” to the CJEU, questioning the Union’s very existence.
In June 2015 the CJEU ruled in favor of the ECB with no consequences for the EU’s stability, but the case highlights the complexity and delicacy of the judicial review of administrative acts of the ECB in different member states and at the EU level.
A research team led by Bocconi Department of Law’s Marco Ventoruzzo has obtained one of a limited number of ECB Legal Research Programme scholarships for the project of a paper on Judicial Review of Central Bank Policies and Decisions in a Comparative Perspective. The project will be presented by Prof. Ventoruzzo in Frankfurt at a conference organized by the ECB in June.
“We want to offer a clear and detailed picture of judicial review of the Central Bank’s decisions in different member states and at the EU level”, Ventoruzzo states. “Then we want to conduct an empirical analysis of judicial control of central banks acts in major European jurisdictions and by the CJEU in the last decade and, finally, we want to identify the most delicate open issues”.
The research team includes scholars from the RULES research unit of Bocconi's BAFFI-CAREFIN Centre coming from the Department of Law and the Department of Economics (Filippo Annunziata, Piergaetano Marchetti and Donato Masciandaro), along with University of Genoa’s Lorenzo Cuocolo, Université Paris II’s Thierry Bonneau, Max Planck Luxembourg’s Burkhard Hess, Max Planck Hamburg’s Klaus Hopt and London School of Economics’ Niamh Moloney.
by Fabio Todesco