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German Parliament Backs ECB Bond-Buying After Court Standoff

  • Broad alliance of German parties vote in favor of ECB program
  • Germany’s top court triggered standoff with ruling in May
ECB headquarters stands in Frankfurt, Germany.
Photographer: Alex Kraus/Bloomberg
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German lawmakers ended a legal standoff over the European Central Bank’s bond buying, backing a monetary program seen as a key prop for the euro area’s battered economy.

A broad alliance of Chancellor Angela Merkel’s coalition parties together with the Greens and the pro-business Liberal Democrats voted to accept the explanation the ECB provided for its so-called public sector purchase program, or PSPP. The motion sends a signal that Germany’s political establishment intends to keep Europe together.