ECB may masse buy bonds
Externally Mario Draghi was the” world “-Wirtschaftsgipfel in Berlin, Axel Springer House show it. But the president of the European Central Bank (ECB) is likely to have secretly breathed, as to arrived shortly before ten clock the crucial message of Luxembourg: Under conditions, the ECB may masse buy government bonds of euro area countries. The so-called OMT program is in principle with the European treaties compatible, under certain conditions, said the Advocate General of the European Court of Justice (ECJ), Pedro Cruz Villalón, in his opinion to the court in Luxembourg.
A better backing ahead of their crucial Governing Council meeting on 22 January would be the monetary authorities hardly have wished. While there is currently before the ECJ only to the decision of the ECB from 2012, if necessary indefinitely to buy bonds from euro-crisis countries to keep this solvent. In practice, the ECB had the OMT program (“Outright Monetary Transactions”), were drawn against the CSU politician Peter Gauweiler and nearly 12,000 other applicants before the Federal Constitutional Court, never used.
However, the judges came in February 2014 at the conclusion that the ECB had exceeded its powers with the program. The decision was, however, left to the ECJ, a hitherto historically unprecedented step.
In his closing argument, Advocate General Villalón now decided in favor of the ECB and the Fed competencies to wide. This paved the way should also be free for the massive bond purchases – in the financial markets sometimes called Draghi “Bazooka” – with which the central bank wants to lead the fight against economic downturn and declining prices in the euro zone this year. For over OMT long ago no one speaks. Instead, the Fed wants to use a comprehensive monetary easing – bring the euro-zone in momentum
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