The ECB’s capital key needs rethinking – and Brexit has everything to do with it

The so called ‘capital key’ used by the European Central Bank is due to be reviewed, with two important meetings coming up on 6 and 13 December. Sebastian Diessner explains that while in the past this has been viewed as a largely technical process, this time around the issue will have heightened political significance for two reasons in particular: the UK’s upcoming departure from the EU, and the current stand-off between the EU’s institutions and Italy’s government.