Erster Senat — Zusammensetzung bis Juni ; v. Dezember ; v. Senat gelangten. Mit Wirkung zum Jahre wurde die Zahl der Richter auf acht gesenkt.

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The constitutional complaints are dismissed to the extent set out in C. For the rest, they are rejected for the reasons set down in D. The applications for Organstreit proceedings are dismissed to the extent set out in C. For the rest, they are rejected for the the reasons set down in D. The constitutional complaints and the application for Organstreit proceedings proceedings relating to disputes between constitutional organs challenge two programmes for the purchase of marketable debt instruments, in particular government bonds of Member States of the euro area, by the Eurosystem.

This programme envisaged purchases of public and private securities on the secondary market by the national central banks of the Eurosystem corresponding to their percentage in the capital key of the European Central Bank and by that bank itself.

The SMP was terminated by the decision of 6 September see para. On 5 February , the balance sheet holdings of securities had decreased to a total of EUR billion due to maturities and end-of-quarter valuation adjustments German Bundesbank , Monthly Report February , p. The minutes of the session of 5 and 6 September state: With regard to Outright Monetary Transactions OMT , on a proposal from the President, the Governing Council: b approved the main parameters of the Outright Monetary Transactions OMT , which would be set out in a press release to be published after the meeting Thursday, 6 September Future reform measures must allow for the possibility that bonds issued by the Member State concerned be purchased on the primary market Primary Market Support Facility, cf.

II , pp. The OMT Programme also extends to Member States that were already participating in a macroeconomic adjustment programme at the time of the decision on the technical framework conditions when they regain access to the bonds market. It is the declared aim of the OMT Programme to guarantee orderly monetary policy transmission as well as the uniformity of monetary policy.

The involvement of the IMF shall also be sought for the design of the country-specific conditionality and the monitoring of such a programme. The Governing Council will consider Outright Monetary Transactions to the extent that they are warranted from a monetary policy perspective as long as programme conditionality is fully respected, and terminate them once their objectives are achieved or when there is non-compliance with the macroeconomic adjustment or precautionary programme.

Following a thorough assessment, the Governing Council will decide on the start, continuation and suspension of Outright Monetary Transactions in full discretion and acting in accordance with its monetary policy mandate. They may also be considered for Member States currently under a macroeconomic adjustment programme when they will be regaining bond market access. Transactions will be focused on the shorter part of the yield curve, and in particular on sovereign bonds with a maturity of between one and three years.

No ex ante quantitative limits are set on the size of Outright Monetary Transactions. Creditor treatment The Eurosystem intends to clarify in the legal act concerning Outright Monetary Transactions that it accepts the same pari passu treatment as private or other creditors with respect to bonds issued by euro area countries and purchased by the Eurosystem through Outright Monetary Transactions, in accordance with the terms of such bonds.

Sterilisation The liquidity created through Outright Monetary Transactions will be fully sterilised. Transparency Aggregate Outright Monetary Transaction holdings and their market values will be published on a weekly basis.

Publication of the average duration of Outright Monetary Transaction holdings and the breakdown by country will take place on a monthly basis. The liquidity injected through the SMP will continue to be absorbed as in the past, and the existing securities in the SMP portfolio will be held to maturity. To date, the OMT decision has not been implemented. The complainant in proceedings I. He asserts that these measures violate the principle of democracy Demokratieprinzip and thus his fundamental right under Art.

In the alternative, he claims that the Federal Government violates his fundamental right under Art.



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Bundes-Verfassungsgesetz (B-VG)

Es war noch gar nicht richtig etabliert, da wurde es in den er Jahren in die Kontroverse um die Wiederbewaffnung der Bundesrepublik Deutschland hineingezogen und drohte, zwischen Regierung und Opposition zerrieben zu werden. Und so ging es weiter: Anfang der er Jahre scheiterte Konrad Adenauers Projekt eines regierungsnahen Fernsehsenders an der Rechtsprechung in Karlsruhe. Rund Die einen sprachen immer wieder von einer politischen Indienstnahme des Verfassungsgerichts, die anderen von der juristischen Knebelung der Politik. Trotzdem ist die Stellung des deutschen BVerfG heute unangefochten.

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