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ING on the German court ruling: "Some......>

ECB VIEW
ECB VIEW: ING on the German court ruling: "Some might see it as an attempt to
also hit PEPP but at the same time, the proportionality of PEPP in the midst of
severe economic crisis will be probably less contested than QE. So, we will have
to give it some time and wait for the ECB's reaction. Today's decision could
become a real problem for the ECB in the next phase of the crisis when the
recovery starts. Then, a reshuffling between PEPP and PSPP could take place to
shift from fire extinguishing mode to a growth supportive model. This shift has
now been complicated. What a big bang!"

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