Smits on Consitutional Position of the ECB

In his inaugural address as Amsterdam University's new professor of law of economic and monetary union, Rene Smits considers the strange legal status of the European Central Bank.

In particular, he asks, is the ECB an integral part of the European Union and subject to its laws? Or is it, as the ECB itself would like to think, a more or less separate international body? Serious consequences hang on the answer according to Professor Smits (who headed the Netherlands central bank's legal

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