ECB secondary bond purchases are legal, European Court of Justice says
European Union’s highest court rejects German activists’ claim that PSPP breached constitution
The European Union’s highest court ruled that the Eurosystem’s purchases of government bonds on secondary markets was legal, ending uncertainty over whether the programme breached the German constitution.
The European Court of Justice rejected the claims of a number of German pressure groups in a judgement published today (December 11). The pressure groups argued that the European Central Bank’s second public sector purchase programme, or PSPP2, contravened Germany’s constitutional prohibition
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