ECB's QE Questioned by German Judges Asking for EU Review
- German Constitutional Court rules in suits over ECB policy
- Judges send case to European Union highest court for ruling
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Germany’s top judges have put the legality of the European Central Bank’s 2.3-trillion euro ($2.7 trillion) bond-buying program in doubt in a ruling that asks the European Court of Justice for guidance in cases targeting the policy.
The Federal Constitutional Court seeks an interim decision on whether the quantitative-easing policy falls within ECB’s mandate as defined in the treaties of the European Union. The German challenges will be stayed in the meantime, the Karlsruhe-based German top court said Tuesday in an emailed statement disclosing the ruling, dated July 18. The judges asked their EU counterparts to hear the case under a fast-track procedure.