Revisiting OMT: A constitutional moment, or a Constitutional Moment?

Did the OMT saga represent a Constitutional Moment or merely a constitutional moment? In its OMT decision, its first ever reference to the ECJ, the German Constitutional Court presented a dramatic challenge to a programme that was considered essential to the survival of the single currency but was unorthodox and arguably of dubious constitutionality. Although the German Court eventually backed down, the full impact of its challenge continued to reverberate. How are we to interpret the meaning and effect of the OMT saga? A reassertion of the Westphalian power of the largest Member State? A defense of the rule of law against the exercise of arbitrary power? It reflects rather two conflicting dynamics. On the one hand, a particular substantive economic and market logic. On the other, a telos that presupposes bonds of solidarity between MS. This conflict reflects a broader constitutional disequilibrium in European integration: a constitutional moment, but not (yet) a Constitutional Moment.