Shrugs off German court news
- German DAX, +2.5%
- France’s CAC, +2.3%
- UK’s FTSE 100, +1.7%
- Spain’s Ibex, +1.3%
- Italy’s FTSE MIB, +1.73%
“Following a transitional period of no more than three months allowing for the necessary coordination with the Eurosystem, the Bundesbank may thus no longer participate in the implementation and execution of the ECB decisions at issue, unless the ECB Governing Council adopts a new decision that demonstrates in a comprehensible and substantiated manner that the monetary policy objectives pursued by the PSPP are not disproportionate to the economic and fiscal policy effects resulting from the programme. On the same condition, the Bundesbank must ensure that the bonds already purchased and held in its portfolio are sold based on a – possibly long-term – strategy coordinated with the Eurosystem.”
And the 40 million workers estimated by Bloomberg from each country’s furlough program only covers the six biggest economies in Europe. Roughly €100 billion has been spent to provide aid to workers during this time. That’s some perspective right there.