FRANKFURT (Reuters) – Germany’s Constitutional Court declined to hear a challenge of the European Central Bank’s 2.3 trillion euro ($2.7 trillion) asset purchase scheme, referring the case instead to the European Court of Justice, it said on Tuesday.
The ruling now sends the case – brought by several individuals, including academics and politicians – to a court which has already backed the ECB’s more contentious emergency bond purchase scheme known as Outright Monetary Transactions or OMT with only relatively minor limitations, suggesting an uphill battle for the challenge.
Reporting by Balazs Koranyi, Frank Siebelt and Ursula Knapp