Business this week

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Markets breathed a sigh of relief after a senior legal adviser to the European Court of Justice decided that a programme created by the European Central Bank to buy government bonds of countries where yields have shot up, though “unconventional”, came under its monetary-policy remit. That programme has not yet been used, but a different legal finding would have led to much uncertainty about whether the ECB could launch an expansive round of government-bond purchases across the euro zone, which it might announce at its next meeting on January 22nd.
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