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: