The OMT programme announced by the ECB in September 2012 is compatible with EU law

Author (Corporate)
Series Title
Series Details No.70, 2015 (16.06.15)
Publication Date 16/06/2015
Content Type

Report of the judgment in ECJ Case C-62/14 Gauweiler and Others given on the 16 June 2015. The programme for the purchase of government bonds on secondary markets does not exceed the powers of the ECB in relation to monetary policy and does not contravene the prohibition of monetary financing of Member States.

The Court stated that the ECB must be allowed 'broad discretion' when it 'prepares and implements an open market operations programme' as it needs 'to make choices of a technical nature and undertake forecasts and complex assessments'.
Source Link Link to Main Source http://curia.europa.eu/jcms/upload/docs/application/pdf/2015-06/cp150070en.pdf
Related Links
ESO: Background information: Advocate General’s Opinion in Case C-62/14 Peter Gauweiler and Others v Deutscher Bundestag, January 2015 http://www.europeansources.info/record/advocate-generals-opinion-in-case-c-62-14-peter-gauweiler-and-others-v-deutscher-bundestag/
Kathimerini, 16.06.15: European court upholds key anti-crisis program http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/06/2015_551114
EurActiv, 16.06.15: EU court rejects German group’s claim against ECB’s bond-buying http://www.euractiv.com/sections/euro-finance/eu-court-rejects-german-groups-claim-against-ecbs-bond-buying-315440
EUObserver, 16.06.15: EU court rejects challenge to ECB bond plan https://euobserver.com/news/129138
Deutsche Welle, 16.06.15: Top EU court: ECB allowed to buy bonds http://dw.de/p/1FhmB
Deutsche Welle, 16.06.15: [Opinion]: Super Mario reigns supreme http://dw.de/p/1Fi71
The Local.de, 16.06.15: EU court throws out German QE challenge http://www.thelocal.de/20150616/eu-court-throws-out-german-qe-challenge
Blog: Open Europe, 16.06.15: ECJ approves ECB bond buying programme as expected http://openeurope.org.uk/blog/ecj-approves-ecb-bond-buying-programme-as-expected/
Deutschlandfunk, 16.06.15: ECJ also doesn't stop Draghi's bazooka (via Euro|Topics) http://www.eurotopics.net/en/home/presseschau/archiv/aehnliche/archiv_article/ARTICLE164738-ECJ-also-doesn-t-stop-Draghi-s-bazooka
ECB: Press Release, 18.06.15: ECB Governing Council takes note of ruling on OMT https://www.ecb.europa.eu/press/pr/date/2015/html/pr150618.en.html
Blog: EU Law Analysis, 17.06.15: Saving the single currency? Gauweiler and the legality of the OMT programme http://eulawanalysis.blogspot.co.uk/2015/06/saving-single-currency-gauweiler-and.html
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