Courts try to stall the ECB as gov’ts ease off the brakes

This week’s ruling from the German constitutional court won’t stop the ECB from ramping up its asset purchases this year, but it may be a sign of much bigger problems further down the line. Meanwhile, the latest data suggest that the easing of lockdowns has so far had a limited economic impact. Finally, data released next week should confirm that the German economy contracted less sharply than the euro-zone as a whole in Q1.