# What the German court decision against the ECB means for the euro

> Germany's Constitutional Court ruled that parts of the ECB's quantitative easing programme were illegal under German law, citing the principle of proportionality. The ECB responded that it follows rulings of the European Court of Justice rather than national courts. Analysts raised questions about legal uncertainty and the long-term stability of the euro zone.

- Date: 2020-05-12 · published 2020-05-12T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/53353-what-the-german-court-decision-against-the-ecb-means-for-the-euro
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Legal uncertainty over ECB bond buying could weigh on the euro and raise risk premia in euro-area debt, which affects the dollar value of dollar-priced commodities. The direct price effect on feed markets is likely limited.

## Read by commodity

- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2025-09-01 | [French political storm: What it means for bonds and the euro](https://feedsoft.ai/events/23535-french-political-storm-what-it-means-for-bonds-and-the-euro.md) | +0.5% | +0.3% |
| EURUSD | 2022-05-19 | [Euro dollar: What does it mean for investors as the pair nears parity?](https://feedsoft.ai/events/41611-euro-dollar-what-does-it-mean-for-investors-as-the-pair-nears-parity.md) | +1.6% | +0.4% |
| EURUSD | 2025-01-30 | [COMMENT-ECB, data set the stage for lower EUR/USD as tariff decision looms](https://feedsoft.ai/events/26731-comment-ecb-data-set-the-stage-for-lower-eur-usd-as-tariff-decision-looms.md) | +0.0% | -0.0% |
| EURUSD | 2022-06-09 | [FX: What now for the euro? - Euromoney](https://feedsoft.ai/events/9639-fx-what-now-for-the-euro-euromoney.md) | -3.3% | -5.2% |
| EURUSD | 2017-10-28 | [Euro falls most this year on ECB bond decision and Spanish woes \| The National](https://feedsoft.ai/events/68669-euro-falls-most-this-year-on-ecb-bond-decision-and-spanish-woes-the-national.md) | +0.3% | +2.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/05/12/what-the-german-court-decision-against-the-ecb-means-for-the-euro.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.