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2020-05-01

ECB is paralysed until the German constitutional court issues its long-waited ruling next Tuesday

on the legality of earlier bond purchases. 

The judges in Karlsruhe typically grumble but go along with EU measures in the end.

However, this ruling is particularly treacherous because the ECB has breached its "capital key" so openly by mopping up vast amounts of Italian debt in what amounts to a state rescue. 

Ambrose Evans-Pritchard Telegraph 1 May 2020




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