So in its judgment, the @bverfg was bluffing again. In the end, it did not throw out PSPP on monetary financing ground and did not even dare to call it disproportionate. And "ultra vires" can be remedied through a simple assessment. Question now: How to call the bluff.
I have a lot of sympathy for all those arguing the @ecb should take a very hard stance and ignore the judgment. The problem with this is that it allows the BVerfG to stay in its corner and the PSPP will from now on carry the label "verfassungswidrig".
It would be far better in my view to force the BVerfG for once to take an actual stance. Publish a two-pager referencing all the relevant ECB speeches, accounts, etc. Make sure the Bundesbank is in on it and sees it as a basis for being able to continue purchases.
And then let Karlsruhe vs. Luxembourg have a go at it again. At some point, Karlsruhe will have to either get real and take a decision that has actual operational consequences or finally accept ECJ supremacy when it comes to monetary policy.
Letting it linger is exactly what Karlsruhe wants. It gives them the aura of the ultimate decision-maker without actually having to decide. Don't let them have that.
