Bloomberg reports comments from Peter Huber, a member of the German tribunal and who drafted the opinion, delivered in an interview published Tuesday on Sueddeutsche Zeitung’s website.
Huber said: “The ruling was asking the ECB to publicly take responsibility for its quantitative easing program and to explain it to those negatively affected by it.”
Germany’s constitutional court wasn’t making a huge demand on the European Central Bank this month in a landmark ruling, he added.
Further comments
“The message to the ECB is actually homeopathic.”
“It shouldn’t see itself as the ‘Master of the Universe.’
“An institution like the ECB, which is only thinly legitimized democratically, is only acceptable if it strictly adheres to the responsibilities assigned to it.”
“The central bank must show that it hasn’t overstepped its powers, as it doesn’t have the right to make moves just because Europe is in a crisis.”
“We want the EU top court to do its job better.”
Market reaction
EUR/USD is testing lows near 1.0830, having failed to hold on to gains around 1.0850. The Brussels-Germany tussle continues to remain a weight on the shared currency.
Meanwhile, the have demand for the greenback is on the rise, as markets turn cautious ahead of the Fed’s Powell speech.
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