Last June, the ECJ found that the ECB's OMT program was "compatible" with existing European Union treaties and that it fell "within monetary policy and therefore within the powers" of the ECB.
However, the ECJ stated that "the purchase of government bonds on secondary markets must not have an effect equivalent to that of a direct purchase of such bonds on the primary market" and said that "sufficient safeguards ... must be built into its intervention to ensure that the latter does not contravene the prohibition of monetary financing."
On Tuesday, Germany's constitutional court said that if such "conditions" made by the ECJ were met, no rights were violated.
"If the conditions formulated by the Court of Justice of the European Union in its judgment of 16 June 2015 and intended to limit the scope of the OMT program are met, the complainants' rights … are not violated by the fact that the Federal Government and the Bundestag have not taken suitable steps to revoke or limit the effect of the policy decision of the European Central Bank of 6 September 2012 concerning the OMT program."
The German constitutional court added that if these conditions are met, the OMT program would not impair the Bundestag's overall budgetary responsibility.
"If interpreted in accordance with the Court of Justice's judgment, the policy decision on the OMT program does not 'manifestly' exceed the competences attributed to the European Central Bank. Moreover, if interpreted in accordance with the Court of Justice's judgment, the OMT program does not present a constitutionally relevant threat to the German Bundestag's right to decide on the budget," it stated.