The European Central Bank’s programme allowing it to buy potentially unlimited supplies of government bonds to protect against speculative attack is within EU law, a top EU lawyer has said.
In a legal opinion released on Wednesday (14 January), European Court of Justice advocate general Pedro Cruz Villalon found that the Outright Monetary Transactions (OMT) programme did not breach the ECB’s mandate under the EU treaties.
“The objectives of the programme are in principle legitimat...
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