THREAD:

IN THE SAME BOAT

1. You may remember the thread I did a couple of weeks ago about fishing opportunities. It caused a bit of a kick back. The thread was getting quite long & didn't I explore the significance of why fishing opportunities is a contentious subject.

2. I'll add to this thread in the next day or two & explain the significance of fishing opportunities in UK waters, but it goes right to the root of sovereignty. In the meantime the issue of sovereignty has arisen again - this time with Germany.

3. Germany has a written constitution & individuals relying on provisions within that constitution brought a case to prevent the German Parliament (the Bundestag) altering provisions relating to budgetary policy. Sovereignty rests with the German people as a democratic republic.

4. The court case concerns the European Central Bank's (ECB) Public Sector Asset Purchase Programme. In essence the judgment states the ECB has failed to establish its programme policies are proportionate.

5. The power for the German Parliament to control its own budgetary policies was in danger of being wrestled away by the ECB and this is in breach of the German Constitution. Its citizens have a democratic right for budgetary control to be accountable at national level.

6. The court case is a final judgment with no right of appeal. The Bundesbank has 3 months to finish its participation in the Purchase Programme.

The ruling is not concerned with coronabonds, but the timely judgment has huge implications on the present crisis.

7. The EU have retaliated with a very crisp statement asserting that they have the final word on monetary policy & EU law has primacy over German Constitutional Law.

8. I'll add to this thread later & walk through some of the implications...