The operation for the mass buyback of mainly public securities (‘public sector asset purchase programme’ or ‘quantitative easing’) of the European Central Bank (ECB) does not constitute monetary financing of the member states as prohibited by the treaties (article 123 TFEU), Advocate General Melchior Wathelet stated in conclusions on Thursday 4 October (case C-493/17).
Several groups of individuals brought various claims before the German constitutional court concerning the launch...