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What If Germany’s Highest Court Views ECB Bond Buys Illegal?
Germany’s top court may have approved the creation of the euro-zone’s anti-crisis firewall Wednesday but the threat that Germany may yet tear it down hasn’t gone away for good. The Karlsruhe-based constitutional court Wednesday reserved judgment on the European Central Bank’s plan to buy unlimited amounts of government bonds, which the ECB intends to use to buttress future rescue acts by the European Stability Mechanism. The court is widely expected to confirm the main parts of its judgment on the ESM in a final ruling in December but may rule that the ECB’s latest plans go against the constitution and E.U. ... (full story)
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