The European Central Bank’s flag-ship bond-buying scheme, which was widely credited with staving off the eurozone debt crisis in 2012, is in line with the EU treaties, the bloc’s top court has said.
In a ruling on Tuesday (16 June), the European Court of Justice threw out a German legal challenge to the bank’s Outright Monetary Transactions (OMT) programme, which it said “falls within monetary policy and therefore within the powers of the ESCB”.
ECB boss Mario Draghi announced the...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.