Asmussen defends ECB bond purchases at German constitutional court hearing

ECB governing council

The European Central Bank (ECB) approved the purchase of eurozone sovereign bonds in a bid to fulfil its monetary policy responsibilities at a time when the monetary transmission mechanism was not functioning properly, Jörg Asmussen, a member of the ECB's executive board, told a court hearing in Germany today.

Asmussen appeared at a hearing of Germany's constitutional court in Karlsruhe to defend the establishment of outright monetary transactions (OMTs) by the ECB in 2012. The programme was

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