(Bloomberg) — Germany’s top judges gave the European Central Bank three months to fix its 2.7 trillion-euro ($2.95 trillion) asset purchase program.
In a 7-to-1 ruling, the judges said that some parts of the quantitative easing program aren’t backed by European Union treaties.
The ECB’s controversial asset-purchase program has been a concern for the German court since at least 2015, when the case was filed. In 2017, the judges asked the European Court of Justice for an interim ruling aimed at limiting the ECB’s leeway, but the European Union tribunal rejected the restrictive reading of the law suggested by their German counterparts.
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