| Series Title | EurActiv |
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| Series Details | 17.02.16 |
| Publication Date | 17/02/2016 |
| Content Type | News |
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The European Central Bank defended on 16 February 2016 its never-used scheme to potentially buy unlimited amounts of government debt in Germany's Consitutional Court, insisting that such programme did not overstep its mandate. A preliminary rule from this court in 2014 had agreed with concerns from Eurosceptics, passing the case on to the European Court of Justice before issuing its final ruling. The ECJ considered there hadn't been any violation of EU law, leaving the German court to issue its final decision. The ECB launched its Outright Monetary Transactions (OMT) scheme in 2012 at the height of the eurozone sovereign debt crisis as a weapon to warn off investors from speculating on government bonds. The programme was never implemented and later on superceded by a bigger bond purchasing programme known as Quantitative Easing (QE). In May 2016 the Constitutional Court announced that it had received a new complaint against the ECB's monetary policy. |
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| Source Link | Link to Main Source http://www.euractiv.com/section/emu/news/ecb-again-defends-bond-buying-programme-in-germanys-top-court/ |
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| Subject Categories | Politics and International Relations |
| Countries / Regions | Europe, Germany |
