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German constitutional court confirms complaint against ECB policy

Euro & Finance

German constitutional court confirms complaint against ECB policy

The European Central Bank headquarters in Frankfurt, Germany.

[Jim Woodward/Flickr]

Germany’s Constitutional Court confirmed on Tuesday (17 May) it has received a complaint against the European Central Bank’s monetary policy, as reported by the Welt
am Sonntag newspaper at the weekend.

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The newspaper had said the complaint was about whether the ECB had overstepped its mandate by extensively buying government bonds and with its plan to start buying corporate bonds.

“The complaint … has been received by Germany’s Constitutional Court and will be processed,” said the spokesman, without giving further details. He declined to name the
individuals who had filed the motion for privacy reasons.

Many German politicians have criticised the ECB’s monetary policy in recent weeks, saying that low interest rates are hitting Germans’ savings and pensions. This step is the latest
chapter in a long-running tussle between the ECB and a group of academics and entrepreneurs in Germany who have taken legal steps to try to curb the bank’s power.

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