German court ruling that its up to Bundesbank to decide if it participates in ECB QE bond purchases

Author: Eamonn Sheridan | Category: Central Banks

German court remarks published over the weekend, this via Reuters 

  • decision on whether Germany should pull out of the European Central Bank's bond-buying programme is for the Bundesbank to make
You'll recall that Germany's Constitutional Court ruled in May that the ECB overstretched on its mandate on government bond purchases, and told the Buba to pull out of the programme while the ECB proved its case.

Over the weekend, though a judge at the court told the Frankfurter Allgemeine Zeitung that the court was no longer involved and the decision on whether to quit rested with Germany's central bank. 
  • "The Bundesbank is bound by our decision, but it must determine on its own responsibility whether the ECB's statement of reasons fulfils our requirements or not"  "The Federal Constitutional Court is no longer involved." 
I'll try to dig up a link … here we go, more here 

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