Harvard Law School Jean Monnet Chair

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Issing only refers to the need to justify and accept responsibility for decisions taken. Speech at the Royal Institute of International Affairs. For these two, see internet material.

72 Nergelius, Joakim (1998), p. 66.

73 The ECB has the powers to supervise the NCBs and can, if needed raise proceedings against them. Art. 14.3 of the Statute.

74 Art. 230 EC.

75 Art. 232 EC.

76 Art. 5 of the Council Regulation on the powers of the ECB to impose sanctions. The unlimited jurisdiction brings also about the possibility of observing all relevant circumstances for the case, not only the four grounds for invalidity established in Art. 230 EC, namely lack of competence, infringement of an essential procedural requirement, infringement of the Treaty or any rule of law relating to its application, or misuse of powers.

77 Art. 234 EC.

78 The ECB and ECJ can only impose sanctions the proceeds from which shall belong to the ECB, Art. 3(9) of the Council regulation on the powers of the ECB to impose sanction. They cannot grant damages.
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