The European Central Bank (ECB), which will hold its next monetary policy meeting on July 16, is seeing its legal horizon clear. In two days, and without waves, the German government and the Bundestag put an end to the litigation which opposed the German Constitutional Court to the institution of Frankfurt.
In a resounding judgment, the first had, on May 5, questioned the debt buyback operations of the second, one of the pillars of ECB policy in recent years. The amount spent on these interventions - more than 2.6 trillion euros since 2015 - is excessive, estimated the judges of Karlsruhe, plunging the Member States into uncertainty: Greece and Italy, in particular, have largely benefited from these operations, which have been increasing since the Covid-19 crisis with more than € 1.5 trillion in additional buyouts announced.
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The court had given the German federal government and the ECB three months to respond to its criticisms,
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