According to Volker Wieland, German court decision is not an obstacle for the ECB (FAZ, Süddeutsche Zeitung, NZZ, Wiwo)

According to Professor Volker Wieland, the decision of the German constitutional court on the bond purchase program of the European Central Bank (ECB) will not create an insuperable obstacle for the central bank. Within three months the Governing Council of the ECB has to demonstrate that the decision about bond purchases was "proportionate". In Wieland's view, the ECB staff can provide this easily within the time frame.

He also pointed out that Isabel Schnabel, Executive Board member, had done extensive research on the side effects of monetary policy on financial stability during her time in the German Council of Economic Experts. Wieland participated as an expert witness in the case at the Federal Constitutional Court in summer 2019.

In an interview with "Süddeutsche Zeitung", Wieland also referred to the ECB's discretionary powers which call for an explanation. "As I understand the verdict the proportionality has to be explained in the decisions published by the Governing Council," he said. Speeches and press conferences were not sufficient in the court's view.

In an joint research paper, Wieland and Prof. Helmut Siekmann analyze the ECB's options after the verdict. As summarized by "Frankfurter Allgemeine Zeitung", Siekmann and Wieland point out that the ECB should recall to safeguard price stability "in the medium term".


Frankfurter Allgemeine Zeitung: "Drei-Monats-Ultimatum für die EZB"

Süddeutsche Zeitung: "Die EZB steckt jetzt zwischen den Fronten"

Neue Zürcher Zeitung: "Das Urteil des Bundesverfassungsgerichts könnte den europäischen Hilfsprozess von der EZB nach Brüssel verlagern" (€) "Es könnte zu Fluchtbewegungen aus dem Euro kommen" (€)

Frankfurter Allgemeine Zeitung: "Das sind die Optionen der EZB"