The media, particularly the English-speaking media, are becoming faintly insulting in their repeated suggestions that only the German Constitutional Court ruling on the ESM has prevented the European Central Bank from overstepping its mandate.
As Mr Schaeuble (reported in Bloomberg) remarked: the German court’s decision has not
limited the ECB’s power to buy bonds, its mandate
does that. “There is no doubt” the ECB is holding to its
independent mandate and there is no reason to assume it will