On March 10, 2025, “Case note: BVerfG, Urteil vom 6. Dezember 2022, 2 BvR 547/21, 2 BvR 798/21,” authored by Professor Yumiko Nakanishi (Graduate School of Law, Hitotsubashi University), was published in Jichikenkyu (Vol. 101, No. 3). This paper analyzes the constitutionality of the issuance of fixed funding for NextGenerationEU, established to address the COVID-19 crisis, under Germany’s domestic constitution. The Treaty on the EU and the Treaty on the Functioning of the EU do not grant the EU the right to borrow from capital markets, and the EU’s resources are composed of contributions from member states. Professor Nakanishi argues that the interpretation of the court ruling in this case suggests that the Council has authorized the European Commission to adopt measures for the issuance of fixed revenue sources and to grant it the right to borrow from capital markets.
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