This week's verdict by Germany's Constitutional Court is a blistering attack on the ECB, its LTRO policy (Euro equivalent of QE) and its Euro rescuing schemes
Easily missed due to the media's europhile obfuscation the wider public as well as the markets generally missed the impact of this verdict.
UPDATE: The European Central Bank still has a "big bazooka" with plenty of ammunition to preserve the euro despite a German constitutional court statement that its bond-buying plan is probably illegal, EU economics chief Olli Rehn said on Monday.
Rehn also urged the ECB to act to ensure that abnormally low inflation in the euro zone rises towards the bank's target of just below two percent.
Speaking at a Reuters Summit on the Euro Zone, the European Commissioner for Economic and Monetary Affairs said it was right that a European court, not a national court, should have the final say over the ECB's actions.
(Source)