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.'

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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