German constitutional court to rule on OMT ‘in a few months’

Yves Mersch

Germany's constitutional court is reviewing whether it is legal under German law for the European Central Bank (ECB) to conduct outright monetary transactions (OMTs) – an as-yet-unused policy announced during Europe's sovereign debt crisis.

Under an OMT programme, the ECB would buy government bonds in potentially unlimited amounts to counter any ‘redenomination risk' pushing up a country's borrowing costs. In June 2015, the European Court of Justice (ECJ) ruled OMTs would be constitutional under

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