The Bundesbank was over-ruled on the ECB's bond-rescue plan in 2012 (OMT) but Germany as such was not over-ruled, a point that is often misunderstood by Anglo-Saxon analysts. The scheme was cooked up in concert with the German finance ministry and had the full support of Chancellor Angela Merkel. I heard a top German official say at a private dinner three weeks before the OMT that "nothing flies in the eurozone right now without Berlin's approval", and I have no doubt that he meant it. This is how EMU works. There is no sign yet that Mrs Merkel is ready for QE.