Comment: Germany’s judges have declared war on the ECB

The German Federal Constitutional Court has involved itself in crucial economic issues that are none of its business

6th May, 2020
Comment: Germany’s judges have declared war on the ECB
The German and EU flags combined: a German court’s rejection of a ruling by the Court of Justice of the European Union puts the relationship – and the entire Economic and Monetary Union – at risk

Germany’s Federal Constitutional Court has just set in motion a process that could culminate in the unravelling of the European Economic and Monetary Union.

The court has ruled that, following a transitional period of no more than three months, the Bundesbank may no longer participate in the eurozone’s public sector purchase programme (PSPP), unless the European Central Bank (ECB) demonstrates that the policy’s objectives are “not disproportionate to the economic and fiscal policy...

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