IFO calls ECB move ‘illegal’

IFO economic institute president Sinn is criticizing the ECB QE announcement in a statement. He said it’s “illegal” monetary state financing and that top courts should scrutinize the decision.

Those are harsh words but it’s not a big surprise. IFO is German and has long-criticized the idea of sovereign QE.

The key statement we’re waiting for is from the Bundesbank.