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.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.