Banking union is not EU overreach, says German court

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By Tyler Davies
30 Jul 2019

Germany’s constitutional court said this week that the EU had not exceeded its powers when establishing the first two pillars of the banking union, dismissing a law suit brought forward by a group of academics.

The academics had argued that the EU was acting ultra vires when it established the Single Supervisory Mechanism in 2013 and the Single Resolution Mechanism a year later.

They claimed that these actions, which gave the European Central Bank and the Single Resolution Board broad powers to regulate ...

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