from Zero Hedge
The shape of Europe’s massive monetary injection may change dramatically in the coming months. According to Reuters, citing four sources, the ECB has drafted contingency plans to carry out its multi-trillion QE programme without the Bundesbank in case Germany’s top court forces the main participant in the scheme to quit.
Not only is the European central bank planning on how to continue QE without German – mostly by having other European central banks step in although it is unclear just how effective this would be – but, in a worst-case scenario, the ECB would also launch an “unprecedented legal action against the German central bank, its biggest shareholder, to bring it back into the program.”