FILE PHOTO: A woman, wearing a protective mask walks past the head quarter of the European Central Bank during sunset in Frankfurt, Germany, April 29, 2020, as the spread of the coronavirus disease continues. REUTERS/Kai Pfaffenbach
Germany’s Constitutional Court ruled in May that the ECB overstepped its mandate with over 2 trillion euros of government bond purchases, ordering the Bundesbank to quit the scheme unless the ECB can prove proportionality within three months. “The Bundesbank is bound by our decision, but it must determine on its own responsibility whether the ECB’s statement of reasons fulfils our requirements or not,” Huber said. “The Federal Constitutional Court is no longer involved.”
In a compromise deal, the ECB agreed last week to give vital documents underpinning its policy decisions to Bundesbank chief Jens Weidmann, who can then present them to the German parliament and government, as demanded by the court ruling.
As if the ECB is not anyway run by Germany ...
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