May 8, 2020 / 1:51 PM / 20 days ago

ECB's latest asset purchase programme meets principles of proportionality: Spiegel

BERLIN (Reuters) - The German Finance Ministry has concluded that the ECB’s latest asset purchase programme to tackle the coronavirus pandemic meets the principles of proportionality defined by Germany’s constitutional court, Der Spiegel magazine reported on Friday.

Finance Ministry Olaf Scholz had asked officials to look into the issue after a ruling by Germany’s highest court on another asset purchase programme, and the officials found nothing to object to, the report said.

The European Union’s top court said on Friday it alone has the power to decide whether EU bodies are breaching the bloc’s rules, in a rebuke to Germany’s highest court, which this week rejected its judgment approving the ECB’s trillion-euro bond purchases.

Reporting by Michael Nienaber; Editing by Alison Williams

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