'Dangerous Territory' Concerns Mount that ECB Bond-Buying Program Is Illegal

The markets have celebrated Mario Draghi's announcement that the European Central Bank will embark on unlimited purchases of sovereign bonds from crisis stricken countries. But are such purchases really legal? Draghi's own justification for the program leaves plenty of room for doubt.
The new European Central Bank headquarters in Frankfurt.

The new European Central Bank headquarters in Frankfurt.

Foto: AP
Translated from the German by Christopher Sultan