Germany's highest court has given the European Central Bank three months to justify bond purchases under its flagship stimulus programme or lose the Bundesbank as a participant, raising questions about the scheme and the euro's future.
The verdict dealt a blow to the unprecedented €2trn purchase scheme that kept the eurozone in one piece after its debt crisis but which critics argue has flooded markets with cheap money and encouraged over-spending by some governments.
Excluding the Bundesbank, the ECB's biggest shareholder and bond buyer, would jeopardise the viability of the Public Sector Purchase Programme (PSPP) and put a question mark over Germany's role in the euro.