Germany's top court on Tuesday ruled against the European Central Bank's bond purchases and gave the bank three months to explain how the scheme can be justified.
The German Constitutional Court in Karlsruhe said the ECB's EUR 2.1 trillion worth government debt purchases since 2015, were in violation of its mandate and did not take into account the economic and social after-effects.
The court asked ECB to explain why this quantitative easing measure was necessary, and also to check if it was proportional.
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