Germany versus the Euro
The German Constitutional Court's recent hearing to consider the legality of the ECB's outright monetary transactions program was peculiar, for the scheme is the most successful monetary-policy measure of recent decades – not just in Europe, but anywhere. Why do so many Germans want to kill what has saved the common currency?
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BERLIN – Usually, people or institutions are taken to court when things go wrong and a fight ensues about who is liable for the damage. So the German Constitutional Court’s hearing on June 11-12 to consider the legality of the European Central Bank’s so-called outright monetary transactions (OMT) program was peculiar. Here is a fight over the single most successful monetary-policy measure of recent decades – not just in Europe, but anywhere.