KARLSRUHE, Germany Feb 7 Germany's
Constitutional Court said on Friday it had decided to refer a
complaint against the European Central Bank's (ECB) "unlimited"
bond-buying programme to the European Court.
The ECB's Outright Monetary Transactions (OMT) programme,
announced by ECB chief Mario Draghi in September 2012 at the
height of the sovereign debt crisis, is widely credited with
stabilising the euro.
The court said it sees "important reasons to assume that it
exceeds the European Central Bank's monetary policy mandate and
thus infringes the powers of the member states, and that it
violates the prohibition of monetary financing of the budget".
However, the court said in a statement that it "also
considers it possible that if the OMT Decision were interpreted
restrictively" it could conform with law.
The German court said it will rule on the legality of the
currency bloc's permanent bailout scheme, the European Stability
Mechanism (ESM), on March 18.