The legality of ECB Bond-buying program
Jan 14
2015
The European
Court of Justice (ECJ) ruled Yesterday in favor of Mario Draghi Outright
Monetary Transactions (OMT) and has given the green light to its quantities
easing. As ECJ top advisor said OMT is legal. The ECB is facing great
pressure to announce further stimulus to boost the growth in the Euro-zone
economy and tackle the low inflation. Therefore, the ECJ decision paved the way
for the head of the ECB to announce a new round of OMT program at ECB monetary
policy meeting next Thursday on January 22. As a result of the court decision,
the Euro declined against the U.S Dollar hitting 9 year low to trade
around $1.1726 and further decline is expected.
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