German court rules ECB must provide more evidence on PSPP

ECB 2017
The European Central Bank

Germany’s federal constitutional court ruled today (May 5) that the European Central Bank must provide further legal justification for one of its large-scale asset purchase programmes.

The Treaty on the Functioning of the European Union, which governs the ECB’s actions, prohibits the central bank from monetary financing. The court said it could not find evidence that the ECB had breached this prohibition, as the claimants had argued. Its ruling did say the ECB needed to provide evidence that

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