ECB Under Fire as Critics of Bond-Buying Plan Reach EU Court
- EU judges told bank overstepped its powers in breach of Treaty
- QE tool breaches ECB’s monetary policy mandate, opponents say
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Critics of the European Central Bank’s quantitative-easing program accused the Frankfurt-based institution of overstepping its powers with “opaque and omnipotent activities” as their fight against the controversial policy reached the European Union’s highest court.
At a packed hearing, the key question the EU Court of Justice must weigh is whether the ECB’s quantitative-easing policy falls within the bank’s mandates defined in the bloc’s law.