Broad German Parliamentary Alliance Plans to Back ECB’s QE

A broad coalition of ruling and opposition parties in Germany has agreed on a draft motion to back the European Central Bank’s bond buying program, according to officials familiar with the accord, likely ending a standoff that was triggered by the country’s constitutional court last month.

Representatives of Chancellor Angela Merkel’s coalition partners as well as the Greens and the Liberal Democrats agreed in principle on Monday to accept explanations the ECB provided on its so-called public sector purchase program, or PSPP, the officials said. Finance Minister Olaf Scholz earlier received ECB documents supporting its case from the Bundesbank and passed them on to Bundestag President Wolfgang Schaeuble, several other people said.