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New Open Europe flash analysis: I'm the German Constitutional Court, get me out of here!

Court sees ECB bond buying as illegal but refers questions to ECJ

(PresseBox) (London, )
The German Constitutional Court (GCC) - Bundesverfassungsgericht - has referred several questions surrounding the ECB's Outright Monetary Transactions (OMT) programme to the European Court of Justice (ECJ). It is evident that the Court believes the OMT is illegal and incompatible with EU and, therefore, German law. However, the Court only has jurisdiction to rule on matters of German domestic law. It therefore argues that it must refer the key questions to the ECJ - the body which interprets EU law - given that the ECB's mandate and any overstepping of EU treaties is obviously a question about EU law.

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