Case C-493/17 | Heinrich Weiss and Others

Author (Corporate)
Series Details C-493/17
Publication Date 2017-2018
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Judgement regarding the validity of the European Central Bank's programme for the purchase of government bonds on secondary markets (PSPP programme) in light of EU law.

Further information:

In view of a number of factors that increased the risk of a medium-term decline in prices in the context of an economic crisis entailing a risk of deflation, the European Central Bank (ECB) adopted in March 2015 a programme for the purchase of government bonds on secondary markets - the PSPP programme. Several stakeholders brought constitutional actions before the German Federal Constitutional Court following an understanding that the Decision from the ECB and subsequent extensions go beyond the powers of the institutions. The German Federal Constitutional Court decided to submit questions to the Court of Justice of the European Union (CJEU) concerning the validity of the PSPP programme in light of EU law.

On 11 December 2018, the CJEU finds that consideration of the referred questions disclosed no factor of such a kind as to affect the validity of the PSPP programme. The Court finds that the Quantative Easing (QE) programme does not exceed the ECB's mandate as it falls within the area of monetary policy. It also concludes that the PSPP programme does not infringe the prohibition of monetary financing.

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Related Link(s)
EurActiv, 11.12.18: EU top court rules in favor of Draghi’s bond-buying programme
Reuters, 11.12.18: ECB wins court's backing for bond-purchase programme
France24, 11.12.18: Top EU court gives all-clear for ECB bond-buying
Deutsche Welle, 11.12.18: EU's top court rules European Central Bank bond buying legal
Bloomberg, 11.12.18: ECB Wins EU Top Court Fight Over Legality of QE Program

CJEU: Press Release, 11.12.18: Judgment of the Court of Justice in Case C-493/17 Weiss and Others

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