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Italy is among the countries most reliant now on ECB bond purchases because of the severe economic impact of the coronavirus pandemic. The German court is accused of overstepping the mark in a controversial ruling on a European bond-buying program. After the announcement, the euro fell to $1.0889 and eurozone debt ratings fell too, Reuters news agency reports. They argue that the purchases violate the EU ban on one eurozone member subsidising the debts of another. .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}Kim Kardashian West mocked for 'humble' birthday party on private island.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, Police officer raiding illegal cockfight gets killed by rooster2, Rapper Brian Trotter found dead in car after Florida highway crash3, US election 2020: The five Senate races to watch4, Great Barrier Reef: Scientists find reef taller than Empire State Building5, Philadelphia rocked by fresh unrest after police shooting6, Qatar to investigate 'invasive' exams of women at Doha airport7, Nxivm leader Keith Raniere sentenced to 120 years in prison8, US election 2020 polls: Who is ahead - Trump or Biden?9, US election: Biden hits new battleground, Trump blitzes Midwest10. US election: Over half the 2016 vote already cast, The other US election that's hugely important, Kazakhstan embraces Borat catchphrase 'very nice', How US and China's break-up could affect world. The German Constitutional Court ruling is the latest incident showcasing differences between national and European institutions. It said the program was beyond the mandate of the ECB and said the German central bank must quit the scheme within three months unless the ECB can prove its necessity. In three months' time the Bundesbank could pull out of the ECB's bond purchases - that is the deadline that the judges have set for the ECB to give a valid explanation. Stephen Gallo, head of forex strategy at … VideoWhat is on the Moon? Separately, the ECB bought bonds worth another €0.5tn. That is the only way of ensuring the equality of member states in the Union they created.". The scheme challenged in court is called the Public Sector Purchase Programme (PSPP), launched in March 2015, under which the ECB had bought €2.1tn of bonds by November 2019. Read more: Top German court says ECB bond buying scheme partially contravenes the law. US election: Biden hits new battleground, Trump blitzes Midwest, EU agrees €500bn coronavirus rescue package, Why fractious EU still believes together is better.

The court decision was being closely watched by the markets. "Like other authorities of the member states, national courts are required to ensure that EU law takes full effect. Video, Could postal voting upend US election? The Constitutional Court in Karlsruhe says there is not enough German political oversight in the purchases.

Germany's top court has ruled that the European Central Bank's mass bond-buying to stabilise the eurozone partly violates the German constitution. Video, Doctors expect 'Covid catastrophe' in Syria. "In order to ensure that EU law is applied uniformly, the Court of Justice (ECJ) alone ... has jurisdiction to rule that an act of an EU institution is contrary to EU law," a statement said. The plaintiffs are a group of German academics, including a former leader of the far-right Alternative for Germany (AfD), Bernd Lucke. The BVerfG upheld several complaints against the ECB's bond purchasing program started in 2015 that was meant to boost the economy and stoke inflation toward closer to 2%. Contact

It did not cover newer policies on the coronavirus. Germany's Bundesbank carries the most weight in the ECB's decisions. VideoMan in Speedos takes on Hadrian's Wall, Sacred Aboriginal tree bulldozed for highway.

VideoTear gas, smashed glass and anger, Man in Speedos takes on Hadrian's Wall. In a sharp rebuke of the German Constitutional Court (BVerfG), the European Court of Justice (ECJ) asserted that it alone had jurisdiction over the European Central Bank (ECB). Privacy Policy | In the current crisis the spotlight is on Italy, because of its enormous external debt pile and the damage done by the lockdown. VideoHow US and China's break-up could affect world, Tear gas, smashed glass and anger. Later the EU's executive appeared to play down the ruling, by stressing that EU law takes precedence. The chairman of the German constitutional court Andreas Vosskuhle speaks on May 5, 2020 at the Constitutional court in Karlsruhe, to give out …

The ruling relates to government debt worth €2.1 trillion (£2tn; $2.3tn) bought by the ECB since 2015, but not purchases in the coronavirus crisis. The Bundesbank could pull out if it is not satisfied, in three months' time - which would be a big blow to the eurozone. The policy of buying up government bonds is meant to push private investors towards riskier investments. .css-8h1dth-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-8h1dth-Link:hover,.css-8h1dth-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. The ruling relates to … It is now up to the ECB to explain how its mass bond-buying programme is "proportionate". | Mobile version, Top German court says ECB bond buying scheme partially contravenes the law. "Divergences between courts of the member states as to the validity of such acts would indeed be liable to place in jeopardy the unity of the EU legal order and to detract from legal certainty. Video, How US and China's break-up could affect world, Man in Speedos takes on Hadrian's Wall. VideoCould postal voting upend US election? Market analysts quoted by Reuters say the ruling raises fresh doubts about the ECB's massive bond-buying programme, also known as "quantitative easing". Doctors expect 'Covid catastrophe' in Syria.

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