German Top Court Likely to Say ‘Yes, But’ to ECB Policy

Germany’s top court probably won’t block the European Central Bank’s plan to buy bonds of crisis-torn countries, in line with previous cases involving European Union integration.

The ECB’s Outright Monetary Transactions program and the European Stability Mechanism will be reviewed by the Federal Constitutional Court in Karlsruhe at hearings this week. While the judges may voice serious doubts about the central bank’s plans and attach some conditions, the court won’t stop it, said Christoph Ohler, a law professor at Jena University.