Germany Pushes Back Against the ECB’s Bailouts

The headquarters of the European Central Bank (ECB) is pictured in Frankfurt am Main, western Germany on March 12, 2020. Daniel Roland/AFP via Getty Images

Tuesday’s (May 12) ruling by the German Federal Constitutional Court (the Karlsruhe Court) is a watershed moment in the European project.

The case concerns an ongoing tug of war between the EU’s supreme court—the European Court of Justice (ECJ)—and the Karlsruhe Court on the legality of the European Central Bank’s ongoing purchase of sovereign bonds.