EU Court, 'ECB is independent'. Berlin: "But clarity is needed"

 "We reaffirm the primacy of European law and the fact that the decisions of the European Court are binding on all national courts. The Commission respects the independence of the ECB, and we will study the judgment in detail": an EU Commission spokesman said in commenting the German court ruling on the acquisitions of the ECB bonds.

The German Constitutional Court , in fact, partially accepted the appeals against the purchase of government bonds by the ECB which took place from 2015. 

According to the German court, the bond purchase programs contrast the competences of the ECB itself. For the first time in the history of the German republic, the country's main body of justice says that the measures taken by a European body "are not covered by European competences" and therefore "could not be valid in Germany". The Court asks the ECB to justify its action. "The German government and the Bundestag, on the basis of their integration responsibility - he adds - are required to take action against the PSPP".

The German Constitutional Court gives the ECB three months to clarify the bond purchase program, accepting part of the appeal against the measures implemented since 2015. Bloomberg reports. 

The ECB replies that it is evaluating the judgment of the German Court on the government bond purchase program "and will speak in due course". This was learned from a spokesman for the European Central Bank. Meanwhile, we learn that a call by the ECB is scheduled for 6pm.

The main European stock exchanges slow down decisively after the decision of the German Constitutional Court to accept some appeals on the purchase of government bonds by the ECB starting from 2015. Milan reduces the rise to 0.6%, Paris to 1.15 % and Frankfurt 1.1%. Lower increases also for Madrid (+ 0.6%) and London (+ 0.9%). Down Unicredit (-0.15%), unchanged Bpm, while Intesa resists (+ 1.3%).

   The German government will spend in Frankfurt to get the ECB to substantially verify the measures criticized by the German Constitutional Court. Undersecretary for Finance Joerg Kukies said in Karlsruhe. "We will move towards this goal", he explained "and we believe that the ECB will do it". The High Court said that the Bundesbank will no longer be able to participate in government bond purchase programs if the European Central Bank does not clarify that its action is "proportional".

" I am very happy that the Constitutional Court substantially gave reason to our appeals." Bernd Lucke, the German economist who founded the Alternative Fuer Deutschland party and says he left it, believing it to veer too far to the right, says so. Lucke is among the initiators of the appeal against the bond purchase program from the ECB, on which the Court has expressed itself. "It's a good sign, which shows how the legal order and judicial control in Germany and Europe still work," he added.