EU court rules OMTs are legal

ECB, Frankfurt

The European Central Bank (ECB) has won the backing of the European Court of Justice (ECJ) for its controversial OMT programme, unveiled shortly after Mario Draghi pledged to do "whatever it takes" to keep the eurozone together.

The ECJ today (June 16) ruled that outright monetary transactions (OMTs) fall "within the area of monetary policy". Under the programme the ECB would buy a potentially unlimited amount of sovereign debt to combat any 'redenomination risk' that might be inflating a countr

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