A German court of law has rejected a recent attempt to prevent the European Central Bank from buying jurisdiction, citing a six-year lawsuit against the eurozone.
The country’s highest court on Tuesday rejected a reversal of its May 2020 ruling, which ordered a German parliament and a central bank to review the ECB’s performance.
“These inquiries are not admissible,” the court said, adding that the appellants “exceeded the legal limit of the murder law…… Because the requested rules go beyond the criteria set by the court in the above ruling.
“These offices are no longer due to the fact that the Bundestag government has monitored and scrutinized the financial implications of the ECB’s mandate on May 5, 2020, including a similar assessment of the ECB’s actions,” it said. .
The plaintiffs – a group of about 1,750 people, led by German economists and legal counselors – filed their first case in 2015. They say the ECB is interfering in government funding, which is illegal in the EU agreement.
Last year, a court in Karlsruhe withdrew a ruling that the ECB had violated the law, but ruled that the German government and parliament had failed to ensure that the ECB attempted to “estimate” its € 2.4 billion purchase.
Unless such a review takes place, he says, the Bundesbank should stop buying bonds instead of the ECB and make plans to sell more than the 500bn it already has – an idea that would have disrupted the entire conspiracy.
However, the threat was thwarted when the ECB negotiated a number of its purchases and issued certified analysis documents that affected German officials, prompting the finance minister to claim that the central bank had met the court’s requirements.
The ECB relied on the purchase of bonds as one of its main tools for dealing with the economic crisis resulting from the coronavirus epidemic. Last year, it launched an emergency plan to buy 750 billion bonds, which increased in December to € 1.85tn.
In response, the German Compatibility Strategy brought another challenge against the ECB, claiming that it passed the governments because its new currency had set limits on the purchasing power of antiquities.