Developments in other emerging markets  The increase of international financial transactions and international capital flows has brought with it an increase in the potential risks of a reversal. This sudden and large reversal of short-term capital flows has caused international financial crises in Mexico (1994-1995), Asia (1997-1998), Brazil (19981999) and more recently in Argentina and Turkey.
The first principle is a legal one. The German Court’s ruling effectively challenges a 2018 ruling by the European Court of Justice that the PSPP was legal. Which court — the German Constitutional Court, a national tribunal, or the European Court of Justice — has primacy in matters relating to European institutions?