German Finance Minister Wolfgang Schaeuble in the press today (Handelsblatt)
- Says he believes the European Central Bank observes its mandate
- And says he does not agree with the German Constitutional Court
(Headlines via Bloomberg)
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For background on this (Europe news Tuesday):
- The European Central Bank may be violating laws on monetary financing in its 2.3 trillion euro ($2.7 trillion) asset purchase programme, Germany's constitutional court said on Tuesday, and it asked Europe's top court to make a ruling.
- In the biggest challenge yet to the ECB's unprecedented effort to revive growth, the court said bond buys under the scheme may go beyond the bank's mandate and inhibit euro zone members' activities.
- "Significant reasons indicate that the ECB decisions governing the asset purchase programme violate the prohibition of monetary financing and exceed the monetary policy mandate of the European Central Bank, thus encroaching upon the competences of the Member States," the court said.
