ECB, about dts
ECB, about dts

Constitutional judge: ECB ruling could have been averted

The controversial judgment of the Federal Constitutional Court on the European Central Bank's bond purchase program could possibly have been averted if the ECB had shown itself to be more cooperative in the procedure.

"The ECB has behaved very constructively in previous procedures, such as the European Stability Mechanism," said constitutional judge Peter Huber of the "Frankfurter Allgemeine Zeitung" (Monday edition). Huber, who played a central role in the rapporteur, criticized Huber, who chose not to do so in the PSPP purchase program because she felt she was not going to answer to a national court.

"It is up to the Governing Council to assess the wisdom of this approach." Almost two months after the fundamental judgment, the willingness of the ECB to cooperate has increased considerably. Last Thursday, the Governing Council, the central bank's highest monetary policy body, agreed to provide the Bundestag and the Federal Government with documents proving that the proportionality test required by the Federal Constitutional Court had long since been completed. This gives the Bundestag the opportunity to deal with the bond purchase program and its effects on the economy of the euro countries before the summer break on July 3. The Bundestag, the Federal Government and the Federal Council must decide by August 5 whether the proportionality test carried out by the ECB meets the requirements of the Federal Constitutional Court. The Federal Constitutional Court only has to decide on this proportionality check if it is called again - which, however, would not come as a surprise to the committed applicants. In any case, the former CSU politician Peter Gauweiler reserves the right to apply for a so-called enforcement order "if the matter does not reach the conclusion specified by the Federal Constitutional Court on August 5". It would not help "just send a few files and tell the judges: Find out what suits you," said Gauweiler of the FAZ. What is currently being heard from the ECB sounds a bit like it. Nevertheless, he believes that the parties involved will ultimately not dare not to provide a proper proportionality test. The verdict finally had the effect of “a gigantic hello-wake tablet for everyone involved and those affected”.

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