FRANKFURT - Germany’s central bank will have to take the lead in persuading authorities that the European Central Bank has not exceeded its powers to avoid compromising the ECB’s independence as the euro zone’s policymaker, three sources said.
As the Bundesbank carries out the lion’s share of the bond buying, the ruling by Germany’s national court both jeopardises the ECB’s policies of the past five years and seeks to place an unprecedented legal restriction on a European Union institution. “We see this as something between the court, the Bundesbank, the German government and the Bundestag,” one of the sources said following discussions within the ECB’s Governing Council about the ruling on Tuesday night.
Complying would suggest the bank is taking orders from a national court, which would raise questions about the ECB’s independence in policymaking. That means the burden will fall on the Bundesbank to present the arguments. In a short statement on Tuesday, the ECB said it took note of the ruling and remained fully committed to its mandate and enacting policy in all euro zone countries.
So much of how the ECB responds will depend on the form the request for information takes, the sources said.
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