EU could open legal case against Germany over ECB bond-purchases ruling: Commission

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EU could open legal case against Germany over ECB bond-purchases ruling: Commission GlobeBusiness

European Commission President Ursula von der Leyen, shown here in a file photo from April 23, 2020, said the EU executive might open a legal case against Berlin over bond purchases.The European Commission could open a legal case against Germany over a ruling by the country’s constitutional court that the European Central Bank had overstepped its mandate with bond purchases, the EU executive arm said on Sunday.

In response, the European Union’s top court - which had previously given a green light to the ECB scheme - and the European Commission have said that EU law holds precedence over national regulations. They added that the European Court of Justice’s rulings were binding for courts in the 27 member states of the bloc.On Sunday, Commission President Ursula von der Leyen went a step further, saying the EU executive might end up opening a legal case against Berlin.

“We are now analyzing the ruling of the German Constitutional Court in detail. And we will look into possible next steps, which may include the option of infringement proceedings,” she said.

 

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