German Politician Files Court Challenge against ECB Plans To Buy Bonds - SPIEGEL ONLINE
The German government is convinced that the Constitutional Court will
this week clear the path for the permanent euro bailout fund to go into
operation. But now it faces a new challenge: A major German critic of
the government’s euro rescue policies is suing over the European Central
Bank’s bond-buying plans.
…The CSU politician submitted a new petition over the weekend to the
Karlsruhe court to delay its ruling on the ESM. Gauweiler has based the
petition on the decision announced on Thursday by the European Central
Bank (ECB) that it would purchase unlimited quantities of sovereign
bonds from crisis-plagued euro-zone member states. Gauweiler argues in
his petition that the ECB’s step has “created an entirely new situation”
and that “almost all of the discussion that has taken place so far is
now invalid”. Through the bond-buying program, he argues, the ECB itself
will become an “unlimited ultra- and hyper- bailout fund” — one that
national parliaments will have no control over.
Now Gauweiler is demanding that the court reject the ratification of
the ESM treaty until the ECB revises its decision. He is arguing that if
the court is not able to decide on the emergency petition that it
should delay the ruling on the ESM that has been scheduled for
Wednesday.
No comments:
Post a Comment