Outright Monetary Infractions
The German Constitutional Court has delivered its long-awaited decision on the ECB’s “outright monetary transactions” program. The ruling fully endorses the plaintiffs’ arguments, finding that the ECB's scheme to purchase potentially unlimited volumes of eurozone governments' bonds does indeed violate EU law.
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MUNICH – The German Constitutional Court has delivered its long-awaited decision on the European Central Bank’s “outright monetary transactions” program. Since its launch in 2012, the OMT program has allowed the ECB to buy, if necessary, unlimited amounts of troubled eurozone countries’ government bonds, provided the affected countries subscribe to the rules of Europe’s rescue fund, the European Stability Mechanism.