The German constitutional court ruling yesterday accused the European Court of breaching EU treaty law, however, it did not deem the ECB’s public sector purchase programme (PSPP) illegal and allows it to continue to buy bonds during a three-month transition but must then desist from any further role until it meets the court’s objections. Although the ruling does not force ECB to change course immediately, it undermines the central bank’s credibility and opens it to legal challenges in the future.
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