Governor of the Bank of Finland and former EU...>

ECB: Governor of the Bank of Finland and former EU Commissioner Olli Rehn has

criticised the German Constitutional Court in a speech to the Finnish

parliament, stating that the GCC's decision does not have an instant impact on

the ECB's monetary policy.

- He says that the GCC must be in agreement with the ECJ's view that the PSPP

does not breach ban on public sector central bank funding.

- Argues that the ECJ has the right to interpret the actions of EU institutions,

not national courts, and that allowing any change to this precedent could have

negative implications for the EU. 

- The political impact of GCC's ruling released last week is likely to be felt

widely for some time, both within German domestic politics (pitting federalists

against those in favour of retaining more national sovereignty), and in EU

politics where some southern EU member states have expressed dismay at the GCC's

ruling as against the principle of 'ever closer union' and as a 'selfish' act of

a wealthy member state protecting its own interests at a time of crisis.