The European Central Bank (ECB) is drafting contingency plans to carry out its multi-trillion bond-buying programme without the Bundesbank in case ...
FRANKFURT: The European Central Bank is drafting contingency plans to carry out its multi-trillion bond-buying programme without the Bundesbank in case Germany's top court forces the main participant in the scheme to quit, four sources told Reuters.
Most of the sources expect the legal challenge from the court in Karlsruhe to be resolved by the Bundesbank itself by demonstrating that the policy was appropriate and addressing concerns about its side effects. The ECB has slowed down German bond purchases since the start of the coronavirus pandemic to focus its firepower on Italy, which has come under pressure in the bond market as the outbreak has savaged its already shaky public finances.
Furthermore, cutting off Germany from the ECB's flagship stimulus programme would invite speculation about a euro zone break up, which the ECB has been trying to quash since the euro crisis of 2010-12.
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