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German court asks ECB to justify bond purchase stimulus
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FRANKFURT – Germany's Constitutional Court has ruled that the country's central bank must stop participating in a key European Central Bank stimulus program but gave the ECB time to demonstrate that the stimulus program is needed and appropriate.
The judges of the Karlsruhe-based court ruled Tuesday that Germany's central bank, the Bundesbank, must stop buying bonds as part of an ECB stimulus program begun in 2015 unless the ECB reaches a “new decision” on the program that demonstrates its effects on the economy were “proportionate." It also said the Bundesbank should sell the bonds, but only in accord with the ECB and over the long term.
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