EU Weighing Next Steps After German Top Court’s Ruling on ECB

(Bloomberg) -- The European Union is still weighing its next steps after German constitutional judges delivered a stinging rebuke of the EU’s top court.

All rulings by the EU Court of Justice in Luxembourg “must be followed by member states and national courts,” Vera Jourova, an EU commissioner in charge of values and transparency, told lawmakers on Monday.

“We have made very clear declarations on the principles and at the same time we need some more time to study in detail the judgment and to decide whether and what legal action” the European Commission “will take,” Jourova told a European Parliament committee.

German Judges Strike Back, Say ECB Isn’t Master of Universe

The landmark May 5 German constitutional court decision said that the European Central Bank is violating EU law by failing to properly justify its bond purchases program. The judges also challenged the supremacy of the EU’s top court, risking to open a legal can of worms.

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