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Prometheus Unbound? A Legal Analysis of Recent ECB Monetary-Policy Measures
Duration: 01.05.2023 – 30.04.2027
Global environmental changes are bringing new players onto the scene. Central banks around the world are currently dealing with different ways to meet the challenge of climate change. The European Central Bank (ECB) fears the consequences of climate change threatening the ability to maintain price stability. In July 2021, the ECB announced to include sustainability-related criteria in its monetary policy. This statement fuels the legal question of whether the ECB has the competence to do so.
The project deals with open legal questions about the ECB mandate (e.g. meaning of Art. 5 Para. 4 TEU, Art. 127 Para. 1 S. 2 TFEU, demarcation of "monetary policy" from other EU treaty chapters) and raises questions about current and planned future monetary policy measures of the ECB. The project also examines forms of the ECB's unconventional monetary policy and for compatibility with Union law.
As part of the project, two workshops will be held, during which working papers will be presented by international experts in the field of European economic and monetary law. The first workshop took place on November 24, 2023, and was particularly aimed at addressing constitutional issues of the ECB’s monetary policy. The focus was on the limits of the ECB's mandate, the problem of delimiting the monetary union from the economic union, and the role of European fundamental rights.
F.l.t.r.: Christoph Ohler (University of Jena), Bruno de Witte (Maastricht University), Jochen Güntner (University of Linz), Roman Puff (University of Salzburg), Martina Almhofer (Vienna University of Economics and Business), Paul Weismann (University of Salzburg), Diane Fromage (University of Salzburg), Klaus Tuori (University of Luxembourg), Stefan Griller (Vienna University of Economics and Business), Rainer Palmstorfer (University of Linz), Julia Kreuzhuber (University of Linz), Martin Selmayr (Head of Representation of the European Commission in Austria)
The second workshop is planned for the 17th of October 2024 and will discuss unconventional monetary policy measures and the new monetary policy strategy of 2021.
Acknowledgements
The project is made possible through the generous funding provided by the Oesterreichische Nationalbank, öffnet eine externe URL in einem neuen Fenster (Austrian Central Bank, Anniversary Fund, project number: 18778)
Contact
Univ.-Prof. MMMag. Dr. Rainer Palmstorfer, LL.M.
Project Leader
Institute of European Law
Mag.a Dr.in Julia Kreuzhuber
Project Assistant
Institute of European Law
Publications
To come
