Legal oversight of the ECB
In its judgment, the Federal Constitutional Court imposed numerous tasks on the ECB. By the beginning of August the ECB must explain why the government bond purchase program does not cause unreasonably large economic harm. Without transparent justification, the German Bundesbank may no longer participate in the program.
More legal action may become necessary to enforce the court’s decision. The same applies to various hastily conceived and presumably also unlawful measures adopted in the past few weeks by the ECB and other EU institutions to incur debt and print money.
Examples of possible constitutional complaints:
Lines of credit for countries with financial difficulties
Via the European Stability Mechanism (ESM) highly indebted countries are to be allowed to take on additional debt. However, the ESM treaty only allows this if the financial stability of the euro zone is threatened. This is, however, not the case with the Corona pandemic.
Total volume of lines of credit: EUR 250 billion
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