Berlin - The German Constitutional Court is not
interested whether the European Central Bank's (ECB) actions in the euro-crisis
were successful, but whether they were legal, the court's top judge said on
Tuesday (11 June) in a public hearing. "Otherwise the end alone would justify the
means," Andreas Vosskuhle, the presiding judge, noted. In the run-up to the
hearing, ECB chief Mario Draghi had called his bank's bond-buying programme "the
most successful monetary policy undertaken in recent time. "It recently bought
some €1.1 billion of troubled bonds, helping Italy and Spain to keep their heads
above the water.The plaintiffs - a group which has so far challenged almost
every euro-rescue step taken by Germany - also asked the Karlsruhe-based court
to look at the ECB's Outright Monetary Transactions (OMT) scheme. Under the
OMT, the bank is to buy "unlimited" bonds from troubled euro-countries, provided
they sign up to strict reforms. In this respect, the programme is different to
the other bond-buying scheme, which comes with no strings attached on reform.
OMT has never been activated.
Access Investments-Building Awareness - European Union-ROMANIA
Sunday, June 16, 2013
Berlin - The German Constitutional Court is not
interested whether the European Central Bank's (ECB) actions in the euro-crisis
were successful, but whether they were legal, the court's top judge said on
Tuesday (11 June) in a public hearing. "Otherwise the end alone would justify the
means," Andreas Vosskuhle, the presiding judge, noted. In the run-up to the
hearing, ECB chief Mario Draghi had called his bank's bond-buying programme "the
most successful monetary policy undertaken in recent time. "It recently bought
some €1.1 billion of troubled bonds, helping Italy and Spain to keep their heads
above the water.The plaintiffs - a group which has so far challenged almost
every euro-rescue step taken by Germany - also asked the Karlsruhe-based court
to look at the ECB's Outright Monetary Transactions (OMT) scheme. Under the
OMT, the bank is to buy "unlimited" bonds from troubled euro-countries, provided
they sign up to strict reforms. In this respect, the programme is different to
the other bond-buying scheme, which comes with no strings attached on reform.
OMT has never been activated.
Subscribe to:
Post Comments (Atom)
1 comment:
MEPs Wednesday voted in a series EU asylum rules, standardising timeframes for handling asylum applications, and conditions for receiving people. The rules also allow polices access to asylum seekers' fingerprints and prevent the transfer of asylum seekers to EU countries where there is a risk of inhuman treatment.
Post a Comment