Victory for Draghi as court backs bond-buying plan

Financial Times with comments by cep economist Bert Van Roosebeke on the decision by the ECJ that the programme for the purchase of bonds on secondary markets does not exceed the powers of the ECB. 

Bert Van Roosebeke said: “It’s a very clear defeat for the German court. On the point of whether this is an economic or monetary policy, the European court said it is monetary policy and so within the ECB’s mandate.” Mr Van Roosebeke added the decision gives strong legal protection to eurozone QE because the ECB has perhaps been even more careful that it needed to be in legal terms by setting limit on its buying operations.