European Court of Justice hears case against OMTs

European Court of Justice
European Court of Justice

The European Court of Justice (ECJ) today began hearing the case against the European Central Bank's (ECB) outright monetary transactions (OMTs) - unveiled by Mario Draghi in 2012 as he pledged to do "whatever it takes" to avert the break-up of the eurozone.

Although yet to be used, the ECB's programme for buying sovereign bonds was widely credited for helping reverse the growing fragmentation in the currency area at that time.

Some consider the ECB to have strayed beyond its mandate with the

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