Mario Draghi’s most famous line, “whatever it takes,” has finally been declared legal.
Germany’s top court on Tuesday upheld the European Central Bank’s 2012 rescue plan for the 19-nation euro zone, ending one of the longest-running court cases against the ECB and staving off a possible constitutional crisis in the European Union.
“With today’s decision, a long and laborious case comes to an end,” Andreas Vosskuhle, who presided over the case at Germany’s Federal Constitutional Court in Karlsruhe, said in announcing the much-anticipated decision.
While Germany’s top court said it had “reservations” about the ECB’s actions, Mr. Vosskuhle said it would respect the ruling of the European Court of Justice, which upheld the central bank’s program last year.
It marks the first time that a top German court has said it will abide by a higher European court’s decision.