An early Christmas Gift from Karlsruhe? The Bundesverfassungsgericht’s NextGenerationEU Ruling
- The 6 December ruling of the German Constitutional Court on the constitutional complaints against the EU’s recovery instrument NextGenerationEU seemed to come as an early Christmas gift from Karlsruhe. This time, the German court avoided the head-on collision with the EU. At the same time, the ruling raises crucial questions about the future of EU fiscal integration. While it is not as constraining as some might have feared, it does not give card blanche for a more permanent EU fiscal capacity. In this policy brief, Thu Nguyen and Martijn van den Brink analyse the judgment and its possible implications going forward.