Focus in Europe is on Germany’s Constitutional Court’s ruling on a case brought by a group of academics who argue the European Central Bank’s bond purchases constitute direct financing of governments. The ECB’s public sector purchase programme (PSPP) scheme has seen it amass 3 trillion euros of bonds since 2015, with plans to print another trillion euros this year. Whatever the German constitutional court decides, the complainants are expected to bring a fresh case against the ECB’s latest *no limits* asset purchases.
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