62019CO0571_INF
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.
Appeal — Grounds — Pleas which are manifestly inadmissible or manifestly unfounded — Dismissal 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.
Appeal — Grounds — Plea directed against a superfluous ground — Invalid plea in law — Rejection
(see paras 16, 17)
3.
Appeal — Grounds — Inadequate statement of reasons — Reliance by the General Court on implied reasoning — Whether permissible — Limits — Obligation to rule on each alleged infringement of the law
(see paras 21, 41-43, 46, 47)
4.
Appeal — Grounds — Plea submitted for the first time in the context of the appeal — Manifest inadmissibility
(Rules of Procedure of the Court of Justice, Arts 127(1) and 190(1))
(see paras 25-27)
5.
Non-contractual liability — Conditions — Unlawfulness — Injury — Causal link — One of those conditions not met — Action dismissed in its entirety
(Art. 340, second para., TFEU)
(see para. 29)
6.
Economic and monetary policy — Economic policy — Prohibition of measures granting privileged access to financial institutions, unless justified on prudential grounds — National legislation limiting the value of bonds issued or guaranteed by the Member State concerned — Justification based on the need to protect the national economy and the euro area against the risk of that Member State’s bankruptcy — Whether permissible
(Council Regulation No 3604/93, Art. 2)
(see paras 50-52)
7.
Non-contractual liability — Conditions — Unlawfulness — Sufficiently serious breach of a rule of law intended to confer rights on individuals — Rule of law intended to confer rights on individuals — Meaning — Prohibition of measures granting privileged access to financial institutions, unless justified on prudential grounds — Not 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.