Germany’s constitutional court rejects case against ECB supervisory powers
Plaintiffs claimed transfer of regulatory powers to European level was not covered by EU treaties
The banking supervisory powers of the European Central Bank do not violate the European Union treaties, the German Constitutional Court said on July 30.
“The European Union did not exceed the competences conferred on it by the Treaties when adopting the legislative framework regarding the European Banking Union, including the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM),” said the German court.
However, it added this would only remain the case as long as “this
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