ECB, about dts
ECB, about dts

ECB bond purchases: Gauweiler reserves the right to take legal action

Contrary to statements made by the Federal Government and the Bundestag, the dispute over the Federal Constitutional Court's judgment against the European Central Bank's (PSBP) bond purchase program has not been resolved.

This view is one of the plaintiffs, the former CSU deputy chief Peter Gauweiler: He does not know the documents provided by the ECB and therefore cannot form a judgment, said Gauweiler of the "Süddeutsche Zeitung" (Wednesday edition). “No decision has yet been made. I'll wait for the facts first. ”

Gauweiler wants to apply to the Federal Constitutional Court to inspect files in order to examine the documents disclosed by the ECB. "Then we will see whether the requirement is met that the Bundesbank can continue to participate in the buyout program." If the documents do not meet the judgment, he will apply for enforcement, said the lawyer. "The Bundesbank will then be prohibited from continuing to participate in the bond purchases." Gauweiler has so far refrained from bringing another action against the ECB's new pandemic buying program (PEPP), although he believes it is "even more problematic" than the previous one "because the ECB no longer buys according to the State's stake in the Eurosystem ”. He makes a lawsuit dependent on how the Bundestag and the federal government now act towards Karlsruhe. "It will show how seriously they take Parliament's budgetary autonomy." Gauweiler filed a constitutional complaint against PSPP in 2016 because the ECB exceeded its mandate by buying government bonds in bulk. The European Court of Justice had declared the ECB program lawful in 2018. The German judges had not felt bound to this judgment and found in early May 2020 that the buy-out program had massive economic effects.



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