Banking union is not EU overreach, says German court
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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