Through its decision to submit the QE program of ECB to a preliminary ruling by the European Court of Justice, the German Constitutional Court documents its substantiated doubts as to the compatibility of PSPP with a general prohibition of monetary public financing pursuant article 123 TFEU.
The German court qualifies the unbearable risks of the program which in case of its prolongation would violate the budgetary prerogatives of the German parliament. (Read more …)