Germany Passes on Bond-Buy Decision

FRANKFURT—Germany’s top constitutional court on Friday referred a decision on the legality of the European Central Bank’s bond-purchase program to the European Court of Justice, even as it harshly criticized the ECB’s bond plan.
The German court said that, in its judgment, the ECB’s Outright Monetary Transactions program likely exceeded the central bank’s powers. But by referring the judgment to Europe’s top court, Germany’s…

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