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Excellent and detailed analysis of the decision:  Last two paragraphs:
But the problem runs deeper still. The Federal Constitutional Court will police Germany's relations with the EU, monitor ongoing and future ECB policies, and most likely block any attempt to introduce eurobonds, however powerful the policy case for them might be. And, because the Basic Law, adopted in response to the horrors of the Nazi regime, protects the principle of democracy with an "eternity guarantee," not even a constitutional amendment can resolve this impasse.

And now that court - heedless of the political consequences for Europe and Germany, contemptuous of the rule of law within the EU, and cavalier about its own limitations - risks sacrificing the euro and possibly even the EU by clamping down on the ECB's efforts to manage the euro. An institution that, by design, no one governs is out of control.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu May 21st, 2020 at 11:04:22 AM EST
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