European Court of Justice to rule on OMTs after German court ‘fudge'

The headquarters of the European Court of Justice
The European Court of Justice

The European Central Bank (ECB) this morning reiterated its belief that outright monetary transactions (OMTs) are an instrument within its mandate, after Germany's constitutional court issued an opinion to the contrary – but also referred the matter to the European Court of Justice (ECJ).

The Federal Constitutional Court's (FCC) referral to the ECJ – the first time it has subordinated itself to a European court – comes with suggestions for conditions that the ECJ might place upon the use of OMTs

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