The German Constitutional Court against the ECB. The Karlsruhe Court, in fact, believes that the OMT program for the repurchase of bonds of individual states, launched by the central institution to keep spreads under control, violates the mandate of the ECB and announced in a press release that it had requested, for the first time in its history, an examination by the European Court of Justice.
Despite the open opposition to the OMT programme, the German Court was unable to reach a contrary sentence, referring the matter to the European High Court.
The ECB's response to the German press release was not long in coming: "The ECB takes note of the announcement made today by the German High Court and reiterates that the OMT program falls within its mandate".
