Draghi’s bond-purchasing policy is against European law

Juergen Stark, former chief economist of the ECB who quit his post in protest against the bond-purchasing strategy past November, said in a radio interview with Germany’s state-run Deutschlandfunk that Draghi’s plans are case for someone to take the ECB to court.

“We are already in an extreme  over-stretching of European law, to put it mildly,” he said, but Draghi’s plans are “in my view, a clear violation of European law, because it implies unlimited and indirect financing of states by the European Central Bank.”

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