Pereat Iustitia,Fiat Mundus

Abstract

Europe's responses to the crisis seem neither guided by one of the varieties of economic liberalism nor informed by a Keynesian or any other theoretical paradigm. What kind of rule are we then exposed to if we leave it to the European Central Bank to define the notion of monetary policy and to then develop and use its instruments? Neither the crisis management in general nor the politics of the ECB in particular can be accused of acting simply wilfully, let alone maliciously. They are exposed to, and driven by, emergencies. Courts cannot cure the crisis ‘through law’. Such pretences are overburdening the law and are risking damage to its integrity. The two dissenting judges of the German Constitutional Court have acted accordingly. The Court of Justice of the European Union does not act as a good guardian of European constitutionalism through the unconditional legalization of Europe's executive federalism.