is Allowed to spend the European Central Bank in cooperation with the national Central banks of the monetary Union, each month tens of billions of euros to buy debt of member countries? You breach, actually not against the clear Treaty-based prohibition of financing Euro countries?

Alexander Armbruster

responsible editor for business Online.

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Hendrik Wieduwilt

editor of the economy in Berlin, is responsible for “law and taxes”.

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you may. This has now decide to the highest court, the European court of justice and also substantial criticism of the Federal constitutional court’s significant findings. The bond purchases are part of the monetary policy, were the judges in Luxembourg, the Euro monetary watchdogs have exceeded the ECB President, Mario Draghi, not their skills.

The EU is not a nation-state

Just because a behavior is legal does not mean however that it is also useful. There is persuasive evidence that the Euro Central banks to purchases of government bonds – as has already been announced. The currency Union is in an economically better Situation than at the height of the Euro crisis, as several member countries were given aid, unemployment is much higher and the economy even shrank. In a recession, no Euro country is currently. By the way, also Italy.


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And it goes, also let us not forget that enormous amounts of money: The Euro-Central banks have purchased in the PSPP program now for more than 2 trillion euros of government bonds or bonds of public institutions. It had been extended several times. One particularly controversial aspect is that the guardian of the currency, not the keys for the purchases, the economic power of the countries, they agreed at the start, but always deviate from it, such as the recent financial scientist Friedrich Heinemann vorrechnete.