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Germany's top court rejects complaint against ECB bond buys
Reuters reports that Germany's constitutional court rejected a complaint against the ECB's 2.4 trillion euro Public Sector Purchase Programme, saying the ECB had shown the scheme was appropriate.
The court had ruled last May that lawmakers failed to exercise sufficient control over the Bundesbank, which buys bonds on behalf of the ECB, and ordered the German central bank to quit the scheme unless the ECB provided fresh justification that prove the programme was necessary and appropriate.
Since that ruling, the ECB has provided a trove of documents to the German government and parliament, which accepted its arguments.
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