On trial are the ECB’s bond purchases of over-indebted euro-zone countries. Can the Central Bank really buy unlimited bonds of the malefactor states to save the euro, as ECB President Draghi announced ("whatever it takes")? Were the bank’s actions in pursuit of monetary policy, or in pursuit of the prohibited funding of states, the opinion of Bundesbank President Weidmann?

In fact, the ECB is beyond the jurisdiction of the German Constitutional Court. After all, European institutions may act only if they are authorised by the member states to do so. The Constitutional Court could decide that the ECB is exceeding its competencies in buying up bonds of individual eurozone countries in a “legal act that does not respect the limits of the EU’s legal powers”, for which it is mainly the German taxpayer that is liable – and this without any parliamentary authorisation, and without even asking the Bundestag.

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