The Ultra Vires Ruling: Deconstructing the German Federal Constitutional Court’s PSPP decision of 5 May 2020

Sometimes, a dissenting opinion turns out to be a prophecy. Arguably, this is true for Judge Lubbe-Wolff's assessment of the Federal Constitutional Court's 'OMT reference': 'In an effort to secure the rule of law, a court may happen to exceed judicial competence'. This warning of judicial overconfidence, addressed to the Federal Constitutional Court's Senate majority in 2014, easily extends to the Federal Constitutional Court's 'PSPP' judgment of 5 May 2020. In this judgment, for the first time, the Second Senate of the Federal Constitutional Court declared certain acts of EU institutions to be outside the scope of EU powers - ''ultra vires''.