The European Central Bank in Frankfurt.

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German courts are fighting with the ECB. What does it mean for Ireland?

The German Constitutional Court ruled that, in printing money to buy bonds, the ECB seemed to be exceeding its mandate. Complying with the order would tie the bank's hands and make its job impossible. Will the ECB ignore the courts of its most powerful member? And what does it all mean for Ireland?

19th May, 2020 - 10 min read

Another crisis, another high energy battle between the ECB and the German economic policy purists. And another spin on the euro area’s favourite political merry-go-round: the debate between the incremental federalists of Brussels, Paris, Rome and Madrid against European volunteerism of Berlin. All set against a backdrop of the ECB acting as the main, if not the only, pillar of support for the eurozone’s economy hard hit by the Covid-19 pandemic.

Welcome to eurozone politics.

The latest round of in-fighting

Last week, the German Constitutional Court (GCC) in Karlsruhe demanded that the ECB’s Governing Council issue new...

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