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The PSPP Government Bond Programme: Empirical Data and Rulebook Call the BVerfG Judgment Partly into Question

In: European Union and Monetary Union in Permanent Crisis I

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

Abstract

This article analyses the sovereign bond purchases under the PSPP (Public Sector Purchase Programme) in the light of the ruling of the German Federal Constitutional Court (BVerfG) 2 BvR 859/15 of 5 May 2020. While the court cannot see any obvious circumventing of the ban on monetary financing of the state through the ‘guarantees’ it has established, their compliance is critically questioned by means of an analysis of ECB decisions and empirical data. The economic analysis therefore questions the extent and monetary policy orientation of the PSPP. The focus is on the divergence of the shares of individual countries in PSPP purchases from the ECB’s capital key, the lack of transparency and the pooling of possible losses. In addition, the examination of the ‘guarantees’ on the PEPP programme is extended and it is analysed what the consequences of unwinding the programmes would be.

Suggested Citation

  • Dirk Meyer, 2022. "The PSPP Government Bond Programme: Empirical Data and Rulebook Call the BVerfG Judgment Partly into Question," Springer Books, in: European Union and Monetary Union in Permanent Crisis I, chapter 0, pages 245-278, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38643-6_13
    DOI: 10.1007/978-3-658-38643-6_13
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