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June is shaping up to be a fateful month for the European Union. On June 21, the German Constitutional Court will rule on a challenge to a bond-buying program that is central to the European Central Bank's response to the continent's debt crisis. Two days later, voters in the United Kingdom will decide whether the U.K. should exit the EU. Both decisions will have serious consequences for the EU's long-term political and economic stability.The Bundesbank is said to have consulted the court already regarding the ECB's program of quantitative easing, and the court is reported to have called for the effective exclusion of joint liability of central banks for government-bond purchases under that program.The second decision, regarding the U.K.'s membership in the EU, could be even more consequential.The U.K. may have been only marginally involved in financing the EU's response to the crisis, but fears are mounting in the U.K. that the country and its taxpayers will one day have to bail out southern European countries and EU banks.
End of European Central Bank restraint
Germany’s flawed energy policies
Let the British people decide on Brexit once and for all
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