ECB out with a statement in response to German court ruling today 15 Aug
Earlier today Germany's Federal Constitutional Court today referred to the ECJ for guidance in 5 cases under a fast-track procedure questioning the legality of ECB QE programme.
" In the court's view there are grave reasons to hold that the motions underlying the bond-buying programme violate the ban of monetary financing of states and overstep the mandate of the ECB and thus transgress the powers of the member states"
Say the ECB:
" The extended asset-purchase programme is in our opinion fully within our mandate. That is ultimately for the ECJ to assess.
The programme remains fully operational in line with previous Governing Council statements"
Not the first time this spat has reared its head but one to keep an eye on.
EURGBP still holding 0.9100-20 with GBPUSD breaking down through 1.2900 to post 1.2880 in rapid time.
ECB extended QE policy under scrutiny
