The Federal Constitutional Court wanted to ensure with its ruling that the ECB's policy can always be judicially controlled. The following alleged legal violations require scrutiny:

1. First Government Bond Purchase Program (PSPP): The Federal Constitutional Court has imposed a proportionality review on the ECB.  The deadline expires on August 5, 2020. Should the ECB or the federal government/federal parliament fail to comply with the requirements of the BVerfG, further legal action will be necessary. Program size: 2.6 trillion euros, further increases are possible. [more]

    

   • Second Government Bond Purchase Program (PEPP): This program also involves purchasing government bonds. The criteria set out by the BVerfG are met even less than in the case of the PSPP.
     Program size: After several increases, currently 1.85 trillion euros. Further increases are to be expected.
     When combining PEPP and PSPP, the total exceeds 3 trillion euros. The BVerfG would need to re-examine whether there is prohibited monetary state financing.

    

   • Borrowing by the EU budget:According to EU treaties, the EU budget cannot be financed through debt, as all member countries would have to account for these debts. Now, the borrowing prohibition for the EU is to be lifted because some member countries are already heavily indebted. In the event of doubt, the stable countries would then have to bear the total debts. Program size: 750 billion euros.

    

   • ESM loans:   The Bundestag has already agreed to a credit line of 250 billion euros, which the European Stability Mechanism (ESM) is to grant without any conditions to countries that are severely affected by Corona. This violates the ESM Treaty in two ways: first, the ESM may only grant loans when the financial stability of the Eurozone is threatened (and that is clearly not the case) and secondly, loans may only be granted under conditions from a macroeconomic stabilization program.

    

   • Common European Deposit Insurance: The EU Commission is planning a common deposit insurance for savings deposits (EDIS), which is intended to replace national insurance systems. In fact, EDIS represents a massive mutualization of the risks from bank balance sheets at the expense of German savers. Because the deposit insurance systems funded by savers in Germany would also be liable for countless bad loans, especially from southern countries. [more]

    

   • EU Short-Time Work Allowance (SURE Program): The EU short-time work allowance is to be financed through debt. This is not solid and violates the treaties. The EU treaties stipulate that the EU covers all budget expenditures through its own resources.