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...that is the question. More accurately the question confronting the German Constitutional Court is: does the ECB have the right to buy peripheral European bonds? A scan of the constitution’s text suggests that the decision is not clear cut. Essentially under any reasonable interpretation it could be argued that a number of recent trans-Eurozone programmes are probably not compliant with German law. Whether the Constitutional Court has the power has the power to do anything about it is, however, debatable.
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