Europeans facing the wall on the future of monetary union

The action of the European Central Bank (ECB) attacked by the judges of the German constitutional court, it is a little like when the firemen, come to extinguish a fire in a suburban city abandoned by the other public services, are throbbed by thugs. Since the economic surge linked to Covid-19, the ECB has poured billions into the heat of the crisis to support emergency action by states by buying back their debts, which guarantees them low rates, in the absence of muscular intervention and European coordinated.

Read also: Renaud Girard: "Be careful, Germany will not pay!"

Admittedly, the judgment of the court of Karlsruhe of May 5 does not attack directly the emergency program of repurchase of assets of 750 billion euros linked to the pandemic (PEPP), launched on March 18 by Christine Lagarde . It relates to the public debt buyback program (PSPP), initiated in 2015 by its predecessor, Mario Draghi, which continues in parallel. But he gives weapons to the plaintiffs to attack in turn this new anti-crisis device,

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