German Top Court to Rule on ECB’s OMT Programme on June 21

Germany’s Constitutional Court will on June 21 give its verdict in a long-running case brought by a group of Germans against the European Central Bank’s bond-buying scheme, it said on Wednesday.

The case was initiated by a group of about 35,000 politicians and academics in Germany who wanted to prevent the OMT bond-buying scheme, created by the ECB in 2012 but never used.

The court had referred the case to the European Court of Justice which last year rejected the challenge and backed the ECB’s freedom to take dramatic action in an emergency, though with some general conditions.

Reuters

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