Since there have been tens of thousands of lawsuits filed internally in Germany with its constitutional court alleging the ESM is illegal, it was only a matter of time before the Germans decided to sue the ECB as well for its "unlimited" bond buying. The time has arrived. From Bloomberg:
- TILLICH SUPPORTS LEGAL STEPS AGAINST ECB BOND BUYING: WELT
- TILLICH SAYS ECB BOND BUYING SIGNALS EFSF, ESM NOT ENOUGH: WELT
- TILLICH: ECB MANDATE SHOULD NOT INCL. UNLIMIT. BOND BUYING:WELT
Perhaps all those rumors of the Bundesbank's death were, as we expected, rather exaggerated.