The ECJ ruling on the ECB's OMT programme

In its submission to the Court of Justice of the European Union in March 2014, the Federal Constitutional Court came to diametrically opposed assessments such as those of the European Court of Justice in its judgment C-62/14 of 16 June 2015.

In the view of the Federal Constitutional Court, there are important reasons why the ECB's OMT programme goes beyond the ECB's mandate and violates the ban on monetary budget financing. In the opinion of the ECJ, however, the OMT programme announced in September 2012 is compatible with Union law.

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