Beyond Immunities: Sanctions and the Fundamental Rights of Central Banks

Michael Ioannidis

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Chapter 9 Beyond Immunities: Sanctions and the Fundamental Rights of Central Banks

In: International Sanctions: Monetary and Financial Law Perspectives

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Michael Ioannidis

Michael Ioannidis
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Type:: Chapter

Pages:: 203–223

DOI:: https://doi.org/10.1163/9789004705708_011

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Abstract

This Chapter discusses limitations to sanctions against central banks stemming from fundamental rights, both substantive, such as the right to property, and procedural, such as the right to be heard. According to the well-settled case law of the Court of Justice of the European Union (CJEU), foreign central banks benefit from the rights protected by the Charter of Fundamental Rights of the EU (Charter). This requires EU political institutions to treat foreign central banks as beneficiaries of fundamental rights when imposing restrictions on their activities. The contribution first sketches the case-law of the CJEU on sanctions and fundamental rights. Then, it focuses on the case law extending fundamental rights to (foreign) public authorities and central banks in particular, also considering the jurisprudence of the European Court of Human Rights (ECtHR). Finally, at a more conceptual level, it discusses the merits and consequences of the (perhaps counterintuitive) idea of “fundamental rights of central banks”, when it comes to sanctioning central banks.

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International Sanctions: Monetary and Financial Law Perspectives

E-Book ISBN:: 9789004705708

Publisher:: Brill | Nijhoff

Print Publication Date:: 19 Jul 2024

Subjects
- Human Rights and Humanitarian Law
  - Human Rights
- International Law
  - International Commercial, Trade & Investment Law

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Chapter 9 Beyond Immunities: Sanctions and the Fundamental Rights of Central Banks

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International Sanctions: Monetary and Financial Law Perspectives

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