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2020-05-08

Germany’s highest court ruled that the ECB’s public sector bond purchases may be ultra vires, or unconstitutional

Germany’s highest court on Tuesday sent shockwaves through Europe’s legal and political system when it ruled that the ECB’s public sector bond purchases may be ultra vires, or unconstitutional.

“The judges made clear that the mission of the ECB and the jurisdiction of the ECJ have their limits, which are set by the constitution.”

FT 8 May 2020


Charles Michel, European Council president, said the rule of law implied “respecting the fundamental principle of the hierarchy of norms and the primacy of European law”.

FT 8 May 2020

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