With no policy institution able to take charge, countries like Italy and Spain would return to the brink of panic-induced insolvency. A deep European depression would result, almost certainly dragging down the German economy and reversing the European integration process.
Si el Tribunal Constitucional alemán impone límites al programa de operaciones monetarias de compraventa, las consecuencias serían terribles, pues volverían ineficaz la garantía del BCE de hacer “todo lo que sea necesario”.