FRANKFURT, Germany – German opponents of the European Central Bank's economic stimulus programs have filed a new legal challenge in an attempt to bar their national central bank from taking part.
The complaint in the Federal Constitutional Court aims to keep the Bundesbank from taking part in the ECB's upcoming purchases of bonds issued by corporations, which aim to pump newly created money into the economy to lower borrowing costs.
It follows earlier, so far unsuccessful legal efforts by professors and legislators to block ECB stimulus, regarded with skepticism by many in Germany.
Berlin law professor Marcus Kerber, one of those bringing suit, said in a news release Tuesday that the central bank "has gone beyond its mandate" and abused its powers. A court spokesman confirmed the complaint was filed last week.