Abstract
The year 2018 marked the passing of 10 years for attempts of systemic financial instability prevention and according legal regulation reforms in the European Union. The role of monetary policy has increased up to the point that the European Central Bank has established so-called unconventional monetary policies, including unprecedented asset purchase programmes within the public and private debt sector of the EU. Therefore, the aim of the research is to determine the regulations and associated problems for the enforcement of EU law within the EU's financial sector for unified unconventional monetary policies and to give an assessment of possible solutions, especially in relation to the protection of property value. Using descriptive, logical and deductive methodology the paper concludes that monetary policy is a legislative act without the usual constitutional ex ante evaluation, especially for proportionality. Hence, a macro-juristic theory is described to limit the possible risks.
Highlights
From 2008 to 2018, the European Union (EU) developed several legal reforms to prevent future systemic risks in the financial sector
The last and arguably final preliminary ruling of the European Court of Justice about the European Central Bank (ECB)’s quantitative easing (QE) program in the end of 2018 dismissed any hypothetical variability. It stated that since the ECB does not purchase government debt securities in a fixed amount and directly from states but from other market participants, who cannot be sure of the amount the ECB will buy, the QE program does fall within the monetary policy rights of EU central banks
This paper has shown the basic theoretical models for macroeconomic correlations within monetary policies in the EU
Summary
From 2008 to 2018, the European Union (EU) developed several legal reforms to prevent future systemic risks in the financial sector. That increased the asset amount of the ECB’s balance sheet and provided financial equilibrium for market participants, for example, commercial banks due to them having a steady market demand and allowing stabilizing the capital amount of their balance sheets This is generally called quantitative easing (QE), which is the way to stimulate inflation [1]. Implementing the aim with descriptive, logical and deductive methodology within a doctrinal and legal anthropology analysis, the normative supervision of EU property protection is evaluated for its legal merits with relation to a justification of a macro level hypothesis That such monetary policy is a legislative act without the usual constitutional ex ante evaluation, especially for proportionality. According to thought experiment deductions and scenario modelling within the research, the unified monetary policy results can be achieved within a comprehensive framework according to member state judicial constitutional mechanisms with the inclusion of already established monetary policy legislators, i.e., central banks
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