ECB's Mario Draghi faces ongoing German ‘angst’

German constitutional court ruling set to cause more problems ahead

Klaus Engelen

On February 7, 2014, Germany’s Federal Constitutional Court (FCC), in 40 text-heavy pages, reached its verdict on the European Central Bank’s (ECB) outright monetary transactions (OMTs). “There are important reasons to assume that [OMTs] exceed the ECB’s monetary mandate and thus infringes the powers of the member states and that it violates the prohibition of monetary financing of the budget,” the court said.

The majority of six judges, with two dissenting, added they were inclined “to regard

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