If anyone still needed to be convinced that the systemic crisis is behind us, the Bundeverfassungericht’s (BVG, German Constitutional Court) ruling on the ECB’s OMT program is probably going to do the job. Eighteen months ago, the Eurozone crisis was reaching a new peak: yields on Italian and Spanish debts were at unsustainable levels and Target 2 balances (or rather imbalances) were at their historical highs, with a 750bn€ exposure for Germany alone. This is when the ECB decided to come out of the woods with a new concept: it would do “whatever it takes” to stabilize the Eurozone. And “what it took” at that time was the OMT program: unlimited, pari passu, purchases of sovereign bonds in the secondary market, provided “Troïka conditionality” was applied and the sovereign still had market access.