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Proportionality and procedure of monetary policy-making
International Journal of Constitutional Law
In a highly controversial decision, the German Federal Constitutional Court (FCC) decided that the Public Sector Purchase Program (PSPP) of the European Central Bank (ECB) was ultra vires because it violated the principle of proportionality. The FCC took a procedural approach to proportionality, finding that the ECB had failed to substantiate its balancing assessment. Therefore, the Court considered itself unable to review whether PSPP was substantively proportionate, but announced that itdoi:10.1093/icon/moab015 fatcat:4k2swnvnhvgz3kgm5dysdzjpj4