Bloomberg reporting the latest on German concerns over ECB QE
The battle between Germany and the ECB continues as three law suits have been filed against the ECB in German courts over its monthly €60bln QE programme.
Says Bloomers:
The ECB's €.1 trillion-euro asset-purchase programme is the target of three lawsuits pending in Germany's top constitutional court that challenge the country's role in the policy
The first suit was filed in May, the second in September and the third in October, according to Michael Allmendinger, a spokesman for the Federal Constitutional Court in Karlsruhe. The September action was brought by Bernd Lucke, the head of political party ALFA, said Allmendinger. He declined to disclose the other plaintiffs as they haven't made their cases public.
"The suits are directed against the ECB plan and target the German parliament and government for failing to stop it," said Allmendinger. No hearing has yet been scheduled, he said.
The cases are separate from another bid attacking the ECB's 2012 Outright Monetary Transactions program in the German court. That action was curtailed when the European Union's highest tribunal in June largely approved the OMT. The German judges still have to make a final ruling in that.
I reported on that ruling here while Ryan added the German response here
Bloomberg has more on today's news here
ECB and Germany still slugging it out
