Bundesbank's Weidmann asks if unlimited firepower is consistent with the ECB's mandate

Bundesbank president Jens Weidmann has laid into the European Central Bank (ECB) at a hearing of the German Constitutional Court which is discussing the legality of the ECB's controversal Outright Monetary Transactions (OMT) measure.

Weidmann questioned whether unlimited firepower is consistent with the ECB's mandate, and said that he would be in favour of limiting the ECB's room to manoeuvre given stability risks.

He warned that the German central bank would ahve to share in OMT losses regardless of participation.

The legal challenge brought before the court questions whether ECB monetary policy has violated rules on how German taxpayer money is spent. A ruling is not expected until September, but could have far-reaching consequences for Eurozone stability.

Many Germans are currently irate about the state of Eurozone support they see their country as offering to potentially insolvent neighbours.