Legal opinion opens door for ECB bond-buying programme
Favourable account takes observers by surprise
An advocate general of the European Court of Justice (ECJ) today delivered a favourable opinion on the European Central Bank's (ECB) outright monetary transaction (OMT) programme, paving the way for quantitative easing (QE) in the eurozone.
Advocate general Pedro Cruz Villalón concludes the programme is "compatible" with the EU Treaty, providing it meets only a handful of conditions – a more lenient opinion than many expected.
Marcel Fratzscher, president of the German Institute for Economic
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