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A blast of cold air has blown through European bond markets and it’s tempting to imagine that events in a court room in Germany caused the sudden chill. The Constitutional Court in Karlsruhe is hearing arguments this week on the legality of the European Central Bank’s Outright Monetary Transactions programme, the pledge to buy as much euro zone debt as it takes to stabilise the market. The outcome of the hearing won’t be known until September and the German court’s decision isn’t even binding on the ECB, but there are other reasons to believe that the euro zone crisis is far from over, whatever the French President, François Hollande, would have you believe.