Gunter Krichbaum ( @cducsubt) opens the hearing #Bundestag and (rightly) notes that the @BVerfG has created a “dilemma” because has to respect the @ecb’s independence, the @EUCourtPress decision, and the @BVerfG judgement. #PSPP https://twitter.com/GrundSebastian/status/1264772752977862658

@MFratzscher highlights that the @BVerfG might end up being very costly because it may undermine the @ecb’s credibility and thus its effectiveness.

Prof. Hörner (MaxPlanck) cautions against further escalation and advises the #Bundestag to seek to avoid infringement procedures at all costs, calling it “der nackte Wahnsinn”

@prof_mayer notes that the @BVerfG decision undermines supremacy of EU law far beyond monetary policy. Says that @BVerfG’s attack on the @EUCourtPress requires @EU_Commission to open infringement procedures (but adds that this does not mean that is actually “convicted”).

Prof. Dirk Meyer endorses @BVerfG judgement, criticizes lack of transparency of purchases (eg wrt ANFA holdings), and argues that the @ecb deviated from the capital key and therefore openend credit lines to certain Southern Member States through #PSPP purchases.

Prof. Wegener notes that the @BVerfG forces the #Bundestag to adopt a position against the @ecb that it has never actually taken itself.

@Philipp_Amthor (MdB @cducsubt) asks how the @BVerfG could be enforced by the #Bundestag. Experts respond that the #Bundestag is indeed in a dilemma, proposing a cooperative resolution (without identifying a clear way out).

@CPetryMdB (SPD) notes that perhaps the #Bundestag could already comply with the @BVerfG judgement by discussing @ecb policies in hearings. @prof_mayer adds that it’s not clear what @BVerfG wants from #Bundestag (provocatively noting that @BVerfG likely did not want a EU-exit)

@fbrantner (MdB, Greens) criticizes the @BVerfG judgement, highlighting that the #Bundestag has engaged with @ecb in the past and wonders what else they could do. Prof. Wegener agrees and notes that what @BVerfG demands seems to violate @ecb independence (a sacred cow).

Smart & important —> @svensimon (MEP, @Europarl_EN) chips in and says he has sent a letter to the @ecb today (which he can do in his function as MEP) asking it to justify the proportionality of its bond-purchase programs. @ecb has 6 weeks to respond (mark your calendars).

Prof. Rocholl ( @esmtberlin) questions the economic conclusion by the @bverfg and highlights that the interest rate is not set by the @ecb but by the markets (noting that there is a misconception in that the interest comes from the “Amt” and not the market)