The recent ruling of the German Constitutional Court put under the spotlight two issues of the European Union: the Euro system and the European legal system.
We take good note of the clear statement of the European Court of Justice of 8 May.
In the same vein, the European Commission upholds three basic principles: that the Union's monetary policy is a matter of exclusive competence; that EU i law has primacy over national law and that rulings of the European Court of Justice are binding on all national courts.
The final word on EU law is always spoken in Luxembourg. Nowhere else.
The European Commission's task is to safeguard the proper functioning of the Euro system and the Union's legal system.
We are now analysing the ruling of the German Constitutional Court in detail. And we will look into possible next steps, which may include the option of infringement proceedings.
The European Union is a community of values and of law, which must be upheld and defended at all times. This is what keeps us together. This is what we stand for.