ECB still has ‘big bazooka’ despite German court’s view

The ECB still has a “big bazooka” with plenty of ammunition to preserve the euro despite a German constitutional court statement that its bond-buying plan is probably illegal, EU economics chief Olli Rehn said yesterday.

Mr Rehn also urged the ECB to act to ensure that abnormally low inflation in the eurozone rises towards the bank’s target of just below 2%.

Speaking at a Reuters summit on the eurozone, the EU commissioner for economic and monetary affairs said it was right that a European court, not a national court, should have the final say over the ECB’s actions.