German Lawsuits Targeting ECB’s OMT Won’t Be Decided This Year

Germany’s top court won’t rule on lawsuits challenging the European Central Bank’s plan to buy bonds of crisis-torn countries before the end of the year.

Several suits are targeting the central bank’s Outright Monetary Transactions program, arguing it oversteps the ECB’s mandate to conduct monetary policy. No ruling will be made this year, Bernd Odoerfer, a spokesman for the Federal Constitutional Court in Karlsruhe, said in an e-mailed statement today.

The judges are “still aiming to complete the case as fast as possible,” Odoerfer said. “We can’t yet disclose more details.”

The cases were filed by political groups, professors and lawmakers who argue that the program and the European Stability Mechanism violate European laws and the constitutional principle of democracy.

The cases are BVerfG, 2 BvR 1390/12 et al.