Latest hot takes are that the German court......>

ECB: Latest hot takes are that the German court may not have diminished the

PSPP, but may poses difficulties for the PEPP (which was not directly addressed

in this decision), as the court identifies that asset purchases comply w the

prohibition against monetary financing due to policies such as the purchase

limit of 33% and adherence to capital key. 

- Of course, there are other more lenient interpretations of the court's ruling

on this front: for instance, that the court does not mean specifically that 33%

is the right number, just that it is an acceptable number (would 45% work).

- But... As it was put by the director of Jacques Delors Centre Berlin, Henrik

Enderlein: "Today, the German Court shot at the PSPP, but hit the PEPP."

- Pictet's Frederik Ducrozet: "Challenges to PEPP were to be expected, and they

will take time, but this looks bad indeed. Capital keys may be fine - a

long-term guiding principle. Issuer limits are not. Now is the time for the ECB

to make that clear once and for all."