Order of the Court (Seventh Chamber) of 12 March 2020

Data

Court: Court of Justice

Case date: 12 maart 2020

Verdict

Order of the Court (Seventh Chamber) of 12 March 2020 — EMB Consulting and Others v ECB

(Case C‑571/19 P)

"(Appeal - Article 181 of the Rules of Procedure of the Court of Justice - Non-contractual liability - Economic and monetary policy - Restructuring of the Greek government debt - Obligatory exchange of shares held by private creditors - Opinion of the European Central Bank (ECB) - Principle of pacta sunt servanda - Article 17(1), Article 47, second indent, and Article 52(1) of the Charter of Fundamental Rights of the European Union - Article 63(1) TFEU - Article 124 TFEU - Appeal is dismissed as being manifestly unfounded)"

1. AppealGroundsPleas which are manifestly inadmissible or manifestly unfoundedDismissal at any point, by reasoned order, without an oral procedure

(Rules of Procedure of the Court of Justice, Art. 181)

(see paras 9, 10)

2. AppealGroundsPlea directed against a superfluous groundInvalid plea in lawRejection

(see paras 16, 17)

3. AppealGroundsInadequate statement of reasonsReliance by the General Court on implied reasoningWhether permissibleLimitsObligation to rule on each alleged infringement of the law

(see paras 21, 41-43, 46, 47)

4. AppealGroundsPlea submitted for the first time in the context of the appealManifest inadmissibility

(Rules of Procedure of the Court of Justice, Arts 127(1) and 190(1))

(see paras 25-27)

5. Non-contractual liabilityConditionsUnlawfulnessInjuryCausal linkOne of those conditions not metAction dismissed in its entirety

(Art. 340, second para., TFEU)

(see para. 29)

6. Economic and monetary policyEconomic policyProhibition of measures granting privileged access to financial institutions, unless justified on prudential groundsNational legislation limiting the value of bonds issued or guaranteed by the Member State concernedJustification based on the need to protect the national economy and the euro area against the risk of that Member State’s bankruptcyWhether permissible

(Council Regulation No 3604/93, Art. 2)

(see paras 50-52)

7. Non-contractual liabilityConditionsUnlawfulnessSufficiently serious breach of a rule of law intended to confer rights on individualsRule of law intended to confer rights on individualsMeaningProhibition of measures granting privileged access to financial institutions, unless justified on prudential groundsNot included

(Art. 124 TFEU)

(see paras 53-56)

Operative part

1. Appeal, in part, manifestly inadmissible and, in part, manifestly unfounded.

2. EMB Consulting SE shall bear their own costs.