A cross-party group of German lawmakers want to work with the European Parliament to resolve a challenge from Germany's top court to the European Central Bank's flagship policy programme, the Frankfurter Allgemeine Sonntagszeitung reported.
FILE PHOTO: The European Central Bank headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski
The German Constitutional Court last month gave the ECB three months to explain the proportionality of its bond purchases or risk losing Germany’s Bundesbank — one of 19 national central banks that are members of the ECB — as a participant. It also called on the German parliament and government to challenge the ECB on the matter.
The Frankfurter Allgemeine Sonntagszeitung said in an advance release from Sunday’s edition that an idea floated by Sven Simon, a member of the European Parliament with Chancellor Angela Merkel’s Christian Democrats , was emerging as a potential solution. Unlike national parliaments, the European Parliament has the right to put questions to the ECB, and the ECB president gives testimony to the European legislature in regular hearings.
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