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The ‘Collateral Damage’ of ECB’s QE Worries Top German Judges

  • Constitutional Court rehears challenges to asset purchases
  • Judge asks about program’s impact on ‘people’s livelihood’
Federal Constitutional Court judges stand in Karlsruhe on July 30. 

Federal Constitutional Court judges stand in Karlsruhe on July 30. 

Photographer: Uli Deck/AFP via Getty Images

Germany’s top judges again seem troubled by the European Central Bank’s 2.6 trillion-euro ($2.9 trillion) asset purchase program, openly saying the plan’s “collateral damage” harms regular people.

The Federal Constitutional Court judges in Karlsruhe asked highly critical questions about the program during two days of hearings this week. Several times the jurists mentioned how low interest rates caused by the ECB policy harms savers or raise real estate and rent prices.