30-04-15

European Court of Justice to publish judgment on ECB's OMT program on June 16

cep legal expert Oliver Sauer: ECJ's advocate general has argued for giving the ECB plenty of rope

ECJ ruling is eagerly awaited

The European Court of Justice (ECJ) has announced that it will publish its judgment on the legality of the European Central Bank's OMT bond purchasing program on June 16. Germany's Constitutional Court had referred the case to the ECJ at the start of last year. The ECJ’s advocate general said some months ago that the OMT program is basically in line with EU rules. “While the advocate general is setting in his opinion some conditions for bond purchases it basically gives the ECB plenty of rope,” says cep legal expert Oliver Sauer. “The main line of reasoning is that the ECB is the expert and should have the leeway to decide which measures are necessary for conducting its monetary policy.”