FRANFURT, May 6 ― The European Central Bank (ECB) yesterday stood firm after Germany's top court questioned its massive bond-buying stimulus scheme, vowing to do “everything necessary” to fulfil its mandate of ensuring price stability. In a shock ruling, Germany's Constitutional Court gave...
The Germany's Constitutional Court gave the ECB three months to clarify key elements of its support to the eurozone, but stopped short of overturning its crisis-era ‘quantitative easing’ bond-buying scheme altogether. — Reuters pic
The court also raised an unprecedented challenge to the Court of Justice of the European Union , labelling its earlier ruling rubber-stamping the QE scheme “not comprehensible” and declaring it not legally binding. The ruling turned on the idea of whether the ECB's bond-buying programme can justifiably be seen as proportional when weighed against the risks.
By contrast, the German judges argued that the European court's ruling “allows asset purchases even in cases where the purported monetary policy objective is possibly only invoked to disguise what essentially constitutes an economic and fiscal policy agenda”, such as lowering borrowing costs for individual euro member states.
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