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The ECB must abandon the constraints on how many bonds it can buy from each of its members.

Europe needs unconstrained QE to save the euro.

In May  a German court is due to rule on the constitutionality of QE. 

Many expect the judges to vote that it’s unconstitutional. 

European governments would then be faced with a possible choice of abandoning the euro or coming up with real reform that takes the monetary union a step further, say through the issuance of a Eurobond.

Again, a crisis that threatens the euro’s very existence would lead to a reform that secures its future.

Melvyn Krauss Bloomberg 24 mars 2020

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