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File picture shows the President of the German Constitutional Court (Bundesverfassungsgericht ) Andreas Vosskuhle (4th R) with the other judges of the second senate as he announces a ruling at the court in Karlsruhe September 12, 2012. Germany's top court may for the first time defer to European judges in the euro zone crisis when it weighs the legality of the boldest move so far to buoy the common currency - the European Central Bank's bond-buying scheme. The Constitutional Court holds hearing on June 11-12, 2013. Picture taken September 12, 2012.
File picture shows the President of the German Constitutional Court (Bundesverfassungsgericht ) Andreas Vosskuhle (4th R) with the other judges of the second senate as he announces a ruling at the court in Karlsruhe September 12, 2012. Germany's top court may for the first time defer to European judges in the euro zone crisis when it weighs the legality of the boldest move so far to buoy the common currency - the European Central Bank's bond-buying scheme. The Constitutional Court holds hearing on June 11-12, 2013. Picture taken September 12, 2012.
(Kai Pfaffenbach/Reuters)

CARL MORTISHED

While court is in session, euro crisis far from over

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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.