Bond-buying next on German euroskeptic′s to-stop list | News | DW | 10.09.2012
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Bond-buying next on German euroskeptic's to-stop list

An opponent of the eurozone rescue fund has filed a new complaint against a program to help member states. Peter Gauweiler argues that the European Central Bank has overstepped its authority with a bond-buying plan.

Gauweiler says that the ECB's latest move changes the terms of the European Stability Mechanism (ESM) and the court should, if necessary, delay its Wednesday ruling on an injunction to block that fund. The eurosceptic's office announced that he also wants to see the ECB reverse its decision to buy unlimited amounts of government bonds if countries ask for help from the ESM.

"The ESM - insofar as it is constitutionally viable at all - should only come into force when the ECB has taken back its self-awarded power as a hyper rescue-shield," Gauweiler said in a statement.

A member of the Christian Social Union - the Bavarian branch of Angela Merkel's conservative coalition - Gauweiler is one of several plaintiffs against the 500-billion-euro ($640 billion) ESM. He argues that the fund is incompatible with Germany's constitution because it requires the country to be on-call for currency crises and cuts into domestic budgetary planning.

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Gauweiler's complaint about the ECB decision

At the end of June, Gauweiler fought the ESM on two fronts: with the constitutional complaint and with legal action against the German government.

The ESM, which will replace the temporary European Financial Stability Facility, should have been in place by July 1. However, it needs Germany's rescue money to function and has been held up pending the Constitutional Court's ruling.

Analysts believe the court will not block the crisis tools.

mkg/ccp (AP, AFP)

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