Coronavirus: Is Angela Merkel’s solution to EU’s problems feasible? – The National

Coronavirus: Is Angela Merkel’s solution to EU’s problems feasible? – The National

Despite a German court's ruling against the European Central Bank's bond-buying programme, politicians in the bloc's largest member state are seeking greater continent-wide solidarity. When French foreign minister Robert Schuman proposed a European coal and steel community in May 1950, he could not have dreamed that it would evolve into the world's largest single market, the pinnacle of European integration.. In so doing, the German court effectively undermined the legitimacy of the EU's highest legal authority and led the way for other national courts to ignore its rulings.. The European bloc now faces something that analysts are calling an act of judicial secession and that too by its largest member state and dominant economic power.. Expect Hungary´s and Poland´s constitutional court to follow this precedent https://t.co/fcTzKIjPA0. Citigroup's chief European economist Arnaud Mares points out that single German court ruling comes at an especially perilous moment and could even call into question the viability of €750 billion worth of "pandemic bonds", which were launched by the EU in March .. The pandemic bonds lack the constraints and time limits imposed on prior bond purchases, to which the German court explicitly objected.. It is entirely possible that the