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Money Talks from The Economist

Money Talks: Judgement day for the ECB

Money Talks from The Economist

The Economist

Finance & Economics, Business News, Economy, News, Business

4.41.2K Ratings

🗓️ 5 May 2020

⏱️ 26 minutes

🧾️ Download transcript

Summary

Germany’s constitutional court has given the European Central Bank an ultimatum. The ruling could prompt further challenges to both the EU’s economic recovery plan and the authority of its highest court. The pandemic is a moment of reckoning for America’s health-care industry; but could patients ultimately benefit? And host Patrick Lane gets a glimpse of the—contactless—office of the future.


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Transcript

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0:00.0

May I have your attention please you can now book your train tickets on Uber and get

0:08.0

10% back in credits to spend on your next Uber ride so you don't have to walk home in the rain again.

0:15.0

Trains, now on Uber. T's'm Patrick Lane, the's deputy digital editor and on today's show the

0:36.5

coronavirus pandemic is a moment of reckoning for America's health care

0:40.6

industry. If ever Americans had been given a real-life case of why a

0:46.7

universal health care system would be a good thing, this is the case.

0:51.3

And we take a glimpse into the contactless office of the future.

0:56.0

Using voice and facial recognition will become much more important. But first, on Tuesday morning, the eight red-ro robe judges of Germany's highest court

1:14.0

handed down a decision that may have far-reaching consequences across Europe.

1:19.0

My D'Ametern, in sighten-Vieces, and then the European Solidarity, in need

1:24.8

we're going to be the wise to her rascal for that word, Mark the

1:28.0

hoytiger and shardom to the first leg irritirant.

1:31.0

Under today's ruling, the European Central Bank has three months to justify the

1:36.4

quantitative easing programme under which it has bought up over 2 trillion euros of

1:41.7

public debt.

1:44.3

If the ECB can't do that, the court will order the German Central Bank, the Bundesbank,

1:49.6

to drop out of the program.

1:51.7

It's a nuanced verdict on an argument that has been rumbling for

1:54.7

years, but it raises fundamental questions over the limits of the power of Central Banks and of the

2:00.3

European Union itself. Tom Nuttle is our Berlin Bureau Chief, and he joins me now.

2:06.0

Tom, there's an awful lot to unpack here.

2:08.0

The judges themselves acknowledge that their decision could at first glance seem confusing.

...

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