The European Commission is unlikely to take immediate legal action against Germany over a ruling by the country's top court that the European Central Bank has overstepped its mandate with its bond purchases, European Union officials said on Monday.
BRUSSELS - The European Commission is unlikely to take immediate legal action against Germany over a ruling by the country’s top court that the European Central Bank has overstepped its mandate with its bond purchases, European Union officials said on Monday.
Ursula von der Leyen, the EU executive’s president, raised the possibility of a lawsuit on Sunday over the constitutional court ruling last week which gave the ECB three months to justify bond purchases under its flagship euro zone stimulus programme or lose the Bundesbank as a participant. “We are touching on the judgment of a national court and the highest court in Germany. So this raises the question of the independence of the judiciary. So we have to be very careful in considering whether or not to launch an infringement procedure,” one of the officials said.
Taking Germany to the CJEU, the EU’s highest court, would not overturn the German court’s ruling anyway, the EU officials said.
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