BERLIN - German policymakers see a way out of the challenge posed by their top court to the European Central Bank’s flagship policy programme that could even make the euro zone more robust — but they need the ECB to play along.
The ruling poses a conundrum for Berlin, which is bound to respect the Karlsruhe court but at the same time does not want to erode the independence of the ECB, whose unprecedented stimulus has kept the euro zone intact. The Court of Justice of the European Union gave the green light in 2018 to the ECB bond-buying scheme.
The verdict “is not the end for such bond purchase programmes”, he said. “Rather, it is a stipulation: if the ECB does such a thing in this form in this volume, then it must be transparent, and the proportionality must be demonstrated.” Directly engaging with the German court decision would imply that the ECB accepts its jurisdiction, so the ECB will rely on the Bundesbank to address the case, sources close to the Governing Council have told Reuters.
JaapJansen '...but they need the ECB to play along.' This sentence tells you everything that you need to know about Europe.
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