• ECB bond buying plan comes with considerable risks to stability
• Volume of bond purchases could be “unlimited” but should be sufficient in any case
• Uncertainty in euro zone to hit German economy more in second half of year
• German economy will not go into reverse gear as long as demand for German products from outside Europe remains solid
• Prospects for German private consumption still good
• Germany should not delay budget consolidation, trust in its state finances “not unshakeable”