The German Constitutional Court in Karlsruhe ruled, on Tuesday 5 May, that the German authorities had not acted sufficiently to ask the European Central Bank (ECB) to justify the proportionate nature of the massive Public Sector Purchase Programme (PSPP or quantitative easing) launched in 2015 to combat the risk of deflation facing the euro area.
In a verdict rendered by seven votes to one, the Karlsruhe Court asked the Bundesbank to stop buying sovereign securities of euro area countries...