May 5, 2020 / 11:15 AM / a month ago

Top EU court declines comment after German ruling on ECB stimulus scheme

BRUSSELS, May 5 (Reuters) - The highest EU court, the Luxembourg-based Court of Justice of the European Union (ECJ), on Tuesday declined comment after the top German court ruled that the Bundesbank might have to stop buying government bonds under the European Central Bank’s long-running stimulus scheme in three months.

The stimulus scheme has previously been cleared by the ECJ, but the Tuesday ruling by Germany’s Constitutional Court in Karlsruhe cast that into doubt, as well as posing broader questions about cooperation between central EU and national institutions.

ECJ spokesman Hartmut Ost declined to comment on the Karslruhe decision.

While he said there was a caseload of past rulings confirming EU law has precedence over national law of EU member countries, he refused to go into detail about what that meant in this specific case. (Reporting by Gabriela Baczynska; Editing by Alex Richardson)

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