Will the ECB carry on bullying governments into doing what it wants?

The central bank sees the merit of the carrot and the stick. Democracy? Not so much.

The European Central Bank announces its next monetary policy decision at 1:30pm today, and here's hoping it's a good one.

The eurozone is by no means fixed, and as Alphaville's Izabella Kaminska points out:

The ECB’s accomodative policy has failed to make an impact due to a broken transmission mechanism. Under its own mandates, this leaves the ECB open to the use of unconventional tactics to get it going again.

What sort of unconventional tactics? Well, the expected plan looks to be to begin primary debt purchases – the ECB will start to buy debt directly from the European Stability Mechanism (the organisation in charge of the eurozone bailouts).

But the really worrying possibility in today's announcement is highlighted by Slate's Matt Yglesias:

Here's Philipp Rösler, Vice-Chancellor of Germany and Economy Minister, offering the clearest account yet of how European monetary policy has gone so far off the rails:

“If you take away the interest rate pressure on individual states, you also take away the pressure for them to reform.”

The view here is that because countries ought to pursue good pro-growth structural policies, central banks ought to create unfavorable monetary conditions as a way of pressuring countries to pursue structural reforms.

Yglesias points out that this tactic makes it impossible to tell which structural reforms have actually worked, but the other massively damaging aspect is what it does to the democratic legitimacy of the Bank. They are using their one tool, not to improve the economy of the eurozone, but to cajole elected governments into doing things they wouldn't do otherwise. It's the sort of thing that makes a person take Nigel Farage seriously.

Protesters camp outside the ECB in Frankfurt in October 2011. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Could Jeremy Corbyn still be excluded from the leadership race? The High Court will rule today

Labour donor Michael Foster has applied for a judgement. 

If you thought Labour's National Executive Committee's decision to let Jeremy Corbyn automatically run again for leader was the end of it, think again. 

Today, the High Court will decide whether the NEC made the right judgement - or if Corbyn should have been forced to seek nominations from 51 MPs, which would effectively block him from the ballot.

The legal challenge is brought by Michael Foster, a Labour donor and former parliamentary candidate. Corbyn is listed as one of the defendants.

Before the NEC decision, both Corbyn's team and the rebel MPs sought legal advice.

Foster has maintained he is simply seeking the views of experts. 

Nevertheless, he has clashed with Corbyn before. He heckled the Labour leader, whose party has been racked with anti-Semitism scandals, at a Labour Friends of Israel event in September 2015, where he demanded: "Say the word Israel."

But should the judge decide in favour of Foster, would the Labour leadership challenge really be over?

Dr Peter Catterall, a reader in history at Westminster University and a specialist in opposition studies, doesn't think so. He said: "The Labour party is a private institution, so unless they are actually breaking the law, it seems to me it is about how you interpret the rules of the party."

Corbyn's bid to be personally mentioned on the ballot paper was a smart move, he said, and the High Court's decision is unlikely to heal wounds.

 "You have to ask yourself, what is the point of doing this? What does success look like?" he said. "Will it simply reinforce the idea that Mr Corbyn is being made a martyr by people who are out to get him?"