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German top court criticises European Central Bank crisis bond-buying
Abstract：Image copyrightAFPImage caption The ruling does not directly affect the European Central Bank's curr
Image copyrightAFPImage caption
The ruling does not directly affect the European Central Bank's current coronavirus aid
Germany's top court has ruled that the European Central Bank's mass bond-buying to stabilise the eurozone partly violates the German constitution.
The ruling relates to sovereign bonds worth trillions of euros bought by the ECB since 2015, but not purchases in the current coronavirus crisis.
The Constitutional Court in Karlsruhe says there is not enough German political oversight in the purchases.
Germany's Bundesbank carries the most weight in the ECB's decisions.
Italy is among the countries most reliant now on ECB bond purchases because of the severe economic impact of the coronavirus pandemic.
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