Germany’s Parliament Forms Group to Address Court Ruling on ECB
Germany’s Parliament Forms Group to Address Court Ruling on ECB
(Bloomberg) -- The president of Germany’s lower house of parliament has set up a group to address the ruling by the country’s top court questioning the legality of one of the European Central Bank’s bond-buying programs.
Germany’s constitutional court ruled this month that the ECB’s 2015 asset-purchase program might be illegal. It gave the central bank three months to justify the policy or the Bundesbank -- which accounts for about a quarter of purchases -- will have to drop out. The court also asked the Bundestag, Germany’s lower house, and the German government to push the ECB for a justification of the program.
Bundestag President Wolfgang Schaeuble, a former German finance minister, has invited officials from each parliamentary caucus and the heads of the relevant policy committees to exchange views on how the lower house can “fulfill its responsibility for integration,” according to the Bundestag’s administration office. The creation of the forum was earlier reported by Germany’s Sueddeutsche Zeitung newspaper.
The group met for the first time last week and plans to meet again next Thursday, the paper said, adding that it aims to agree a response before the summer break begins at the beginning of July.
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