National Central Bank Liability EU-Proof?
With judgement C-45/21 the CJEU deems National Central Bank liability regimes EU-proof: allowing NCBs to be liable for damages caused by the exercise of supervisory powers conferred upon them under national law, so long as it (a) does not breach EU law (e.g. prohibition of monetary financing, NCB independence), (b) hinders the exercise of a conferred power within the ESCB’s scope (e.g. monetary policy) and (c) provided that the liability is only established if claimants carry the burden of proof (and successfully prove) as to the breach of due diligence given the specific circumstances in which complex issues have to be assessed.