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ECJ verdict : The ECB is the wrong scapegoat

What is legal is One thing. But it is also true? In the case of the judgment by the European court of justice (ECJ) on the programme for bond purchases by the European Central Bank (ECB) meets both. Shrill and loud, was always the political bluster for 2015, because the Bank has pumped the really incredible sum of around 2500 billion euros in the financial markets: the Forbidden financing of bankrupt States was the accusation of expropriation of German savers the other.

But the program is in breach of EU law. The ECJ judgment should not now give rise, to make the ECB is no longer the scapegoat for failed economic policies in Europe. Yes, the bond purchases have depressed interest rates. However, a claim to risk-free returns for savers.

Where the "Bazooka" strikes

In the Rest of the 40 percent of households have at least in Germany, according to studies by the Bundesbank about the interest rate relevant for the assets. You may be – unfortunately – no matter how high the interest rates are. Does not matter you can be, how much rent you pay. It is precisely here that the force of the bonds-"Bazooka hits". Because of the low interest rates have driven real estate values to shoot up, rent increases, particularly for the less Wealthy followed.

But The housing market is not just the responsibility of the ECB but of a misguided policy. The German state is just one of the beneficiaries of the bond purchases. He will have to pay much lower interest rates on its debt, about 40 billion euros, he saves every year. The only way tax cuts could be on the subject. Only in this way could succeed in the former German Federal Finance Minister Wolfgang Schäuble, to reach the Black Zero.

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decision of the ECJ, the ECB bond purchases do not violate EU-law

The savings it would allow at the same time, today, to attack the Weaker members of society. Against the construction of social housing in Germany, for example, ECB chief Mario Draghi would certainly have no objection.

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