Germany's top court rejects a separate challenge against the ECB to claim that its QE program is inadmissible
The ruling from 26 May was disclosed today, with the judges saying that the claim did not meet sufficient requirements in the argument that the ECB QE program is 'inadmissible':
The constitutional complaint does not meet these requirements. Although it deals in detail with sovereignty, it argues that there are many interdependencies between monetary and economic policy and discusses extensively that the current construction of the European Union is unsatisfactory in this respect. It also questions the monetary effects of the extensive purchase of securities by the central banks, but does not substantiate the limits of the integration program and what the consequences are for the assessment criteria to be applied here.
The ruling can be found here.
This doesn't do much to distract from the earlier ruling against the ECB that the QE program is 'disproportionate' with the latest developments there being that the ECB is reportedly going to submit documents to the German court to prove otherwise.
The timeline to resolve said matter will be up until August, but as things stand most would still expect some form of compromise between the judges and the central bank.
