Another crisis, another high energy battle between the ECB and the German economic policy purists. And another spin on the euro area’s favourite political merry-go-round: the debate between the incremental federalists of Brussels, Paris, Rome and Madrid against European volunteerism of Berlin. All set against a backdrop of the ECB acting as the main, if not the only, pillar of support for the eurozone’s economy hard hit by the Covid-19 pandemic. Welcome to eurozone politics. The latest round of in-fighting Last week, the German Constitutional Court (GCC) in Karlsruhe demanded that the ECB’s Governing Council issue new guidance on its…

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