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European High Court Rejects German High Court On ECB

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The European Central Bank (ECB) may buy government bonds of member states to rescue the euro, according to the European High Court. This is in direct contrast to the German Constitutional Court, which rules that it violated German sovereignty. “The program does not exceed the monetary powers of the ECB and is not contrary to the prohibition of monetary financing of Member States,” said the European Court. This demonstrates that courts will rule based upon their own self-interest. However, this also now places the European Court in direct CONFLICT with the high court of Germany.