German Constitutional Court refers ECB bond-buying to Europe’s top court

Deutsche Welle and other news sources reported on a decision of Germany's Constitutional Court (Bundesverfassungsgericht) to avert making a final decision on the European Central Bank's bond-buying programmr used to shore up debt-laden EU economies. The judges instead referred a ruling on to the European Court of Justice - a step never before taken by the Constitutional Court.

Spiegel Online International commented 'Germany's Constitutional Court ruling ... marks a significant escalation in efforts to rein in the European Central Bank. The ruling's message? Either the European Court of Justice has to stop bond purchases or German justices will.'

• Primary Source

BBC News, 07.02.14: ECB's bond-buying plan referred to Europe's top court http://www.bbc.co.uk/news/business-26080410

ESO: Background information: Mario Draghi defends ECB's bond buying plan / Germany's Federal Court reviews ECB bond purchases http://www.europeansources.info/record/mario-draghi-defends-ecbs-bond-buying-plan-germanys-federal-court-reviews-ecb-bond-purchases/

Website: Federal Constitutional Court / Bundesverfassungsgericht http://www.bundesverfassungsgericht.de/en/

Germany: Federal Constitutional Court; Press Release, No.9, 2014: Principal Proceedings ESM/ECB: Pronouncement of the Judgment and Referral for a Preliminary Ruling to the Court of Justice of the European Union http://www.bundesverfassungsgericht.de/en/press/bvg14-009en.html

EUObserver, 07.02.14: ECB overstepped its mandate, German top court says http://euobserver.com/economic/123048

Blog: Open Europe, 07.02.14: German Constitutional Court believes ECB bond buying is illegal, but asks ECJ to rule first http://openeuropeblog.blogspot.co.uk/2014/02/german-constitutional-court-believes.html

Euronews, 07.02.14: ECB’s bond-buying plan looks set to overcome German objections with court referral http://www.euronews.com/2014/02/07/ecb-s-bond-buying-plan-looks-set-to-overcome-german-objections-with-court-/

EUObserver, 30.01.14: German top court to rule on whether ECB can buy bonds http://euobserver.com/institutional/122920

Spiegel Online International, 10.02.14: Europe or Democracy? What German Court Ruling Means for the Euro http://www.spiegel.de/international/europe/german-court-calls-ecb-bond-buying-into-question-a-952556.html

EurActiv, 11.02.14: Top German court refers ECB bond-buying case to EU judges http://www.euractiv.com/euro-finance/german-court-refers-ecb-bond-buy-news-533387

EUObserver, 14.02.14: That German court decision http://euobserver.com/news/123124

EuroppBlog, 04.03.14: Why the European Court of Justice should reject the German Constitutional Court’s ruling on Outright Monetary Transactions http://bit.ly/1hDwlFX

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