Germany's Constitutional Court to Deliver Ruling on ECB Bonds Program Soon

European Central Bank’s (ECB) plan to purchase the sovereign bonds of eurozone member states is scheduled on June 21, the court said in a press release on Wednesday.

MOSCOW (Sputnik) — Germany’s Fed­er­al Con­sti­tu­tion­al Court is scheduled to rule on the European Central Bank’s (ECB) plan to purchase the sovereign bonds of eurozone member states on June 21, the court said in a press release on Wednesday.

"The Second Senate of the Federal Constitutional Court will, based on the oral hearing of 16 February 2016 (cf. press release no. 3/2016 of 15 January 2016), pronounce its judgment on Tuesday 21 June 2016," the press release reads.

In February, the court held an oral hearing on the ECB program known as the Outright Monetary Transactions (OMT) but decided to deliver its final ruling in the summer. The court is now due to decide whether OMT violates the German Constitution.

In August 2012, the European Central Bank announced plans to make purchases in secondary, sovereign bond markets with the aim of easing Europe's debt crisis, while the technical framework for the initiative was formulated the following month.

The German plaintiffs claim that OMT violates the EU prohibition on financing government.