The German Constitutional Court has ruled that the ECB’s mass quantitative easing programme has not had sufficient oversight from the German government. The ECB now has three months to prove that the programme is ‘proportionate’ or the Bundesbank could theoretically pull out. The ruling saw investors leaving the eurozone, with the euro dropping against the pound and dollar.
This morning, services and composite PMI have both come in extremely low for the Eurozone and major European economies. Spanish consumer confidence, in a positive sign, came in higher than expected yesterday, albeit still showing a drop. As lockdown continues to ease, we may see figures rise somewhat.
