*** German Constitutional Court ruling on ECB....>

EU: *** German Constitutional Court ruling on ECB asset purchases comes through,

with judges partly dismissing the ECB QE case, with the judges saying some ECB

actions are unconstitutional and held as illegal and not valid in Germany.

- The judges go on to say that some ECB decisions are not backed by EU treaties

with the onus now on ECB to show that QE measures are proportionate. Decision

concludes that German Federal Government and the German Bundestag have a duty to

take active steps against the PSPP in its current form.

- Adds that "Following a transitional period of no more than three months

allowing for the necessary coordination with the Eurosystem, the Bundesbank may

thus no longer participate in the implementation and execution of the ECB

decisions at issue."

- Note, the German judgement refers to PSPP purchases, not PEPP.

Full text of judgement (in English) here: 

https://www.bundesverfassungsgericht.de/SharedDocs/Pressemitteilungen/EN/2020/bv

g20-032.html