Germany has surrendered and the euro is saved. That seems to be the markets’ interpretation of last week’s ruling by the German constitutional court on the European Central Bank’s “whatever it takes” policy to save the single currency. The judges’ ruling essentially boiled down to this: “We don’t like what the ECB is doing. We think it illegal. But only the European Court of Justice can strike it down.”
德國交出了決定權(quán)，歐元得以保全。這似乎是市場對德國憲法法院上周針對歐洲央行(ECB)“不惜采取一切手段”拯救歐元政策所作裁決的解讀。法官們的裁決本質(zhì)上可歸結(jié)為：“我們不喜歡歐洲央行的政策。我們認(rèn)為那是違法的。但只有歐洲法院(European Court of Justice)才能否決該政策。”
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