Germany has surrendered and the euro is saved. That seems to be the markets’ interpretation of last week’s ruling by the German constitutional court on the European Central Bank’s “whatever it takes” policy to save the single currency. The judges’ ruling essentially boiled down to this: “We don’t like what the ECB is doing. We think it illegal. But only the European Court of Justice can strike it down.”
德国交出了决定权，欧元得以保全。这似乎是市场对德国宪法法院上周针对欧洲央行(ECB)“不惜采取一切手段”拯救欧元政策所作裁决的解读。法官们的裁决本质上可归结为：“我们不喜欢欧洲央行的政策。我们认为那是违法的。但只有欧洲法院(European Court of Justice)才能否决该政策。”
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