In addition to the above case, there was another interesting case last week. This one is actually now completed and
there's a judgement.
With all the coronavirus noise, big news like this is getting missed. Here's the low down.
The German supreme court upheld several complaints against the European Central Bank's ridiculous £2 trillion bond purchase / quantitative easing programme going on since 2015. It's given the ECB three months to prove the bond buying was proportional.
But here's the fun part!
If the ECB can't convince the German supreme court then the court has ruled that the Bundesbank, the German central bank, should pull out of the ECB's bond buying!
If the Bundesbank pulls out, 90% of the ECB's credibility disappears overnight! Their cost of borrowing will soar as essentially the ECB will then be just a central bank for basket case economies.
In fact, the consensus is that the monetary union itself will collapse if Germany pulls out.
Some pro-EU commentators believe that the ECB will be able to prove what they need to prove. Others are not so sure. Even ol' George Soros thinks the ECB may struggle to prove this
and that the monetary union could collapse! And there's probably nobody more pro EU than the corrupt billionaire George Soros (who has such little respect for British democracy that he funded a campaign for a second referendum)!
It doesn't end there. The European Court of Justice is
quite peeved. It believe that it should be the sole arbiter of what's legal and not legal when it comes to EU institutions, that this shouldn't be a matter for courts of individual EU countries.
But that's a moot point because the Bundesbank is not an EU institution and it can pull out if it wants!
Fun and games.
