Europe or Democracy? What German Court Ruling Means for the Euro

Germany's Constitutional Court ruling last Friday marks a significant escalation in efforts to rein in the European Central Bank. The ruling's message? Either the European Court of Justice has to stop bond purchases or German justices will.
Von SPIEGEL Staff
The German Constitutional Court last June during hearings on the ECB bond buying program.

The German Constitutional Court last June during hearings on the ECB bond buying program.

RALF STOCKHOFF/ REUTERS
Translated from the German by Charles Hawley