This Wednesday (14th) an influential adviser to Europe’s top court will give his opinion on a challenge by a group of Germans to an earlier ECB bond-buying programme.
If he shares any of the concerns of Germany’s constitutional court, which referred the case to European judges, it would be significant in the ECB’s decision on Jan 22 and could lead to the ECB setting a fixed limit on its bond-buying plans or to take priority over other investors when it buys state bonds.
The German opposition to Draghi’s plans are well documented as, indeed are his own comments that a unanimous decision on QE by the ECB is not required.
The speculation can only increase as the big day looms.
Reuters has more on the story here while Adam posted this yesterday on the risks of no move to QE, and Eamonn had this in December on the chances of ECB consensus
Draghi – Much to be discussed before the Jan 22 decision
