The German Constitutional supports the bond purchase program ECB – Investing.com Spain

FRANKFURT (Reuters) – The German Constitutional Court on Tuesday rejected an appeal against the scheme bond purchase emergency European Central Bank, supporting this mechanism to combat the crisis that never It has been used.

Conceived during the height of the European debt crisis, the program Direct Monetary Transactions (OMT, for its acronym in English) was launched as part of a pledge by ECB President Mario Draghi, to do “whatever it takes” to preserve the euro, giving wide powers to the bank to buy debt of its members in financial distress.

the Justice EU Court had already ruled in favor of the OMT but a German group of 35,000 members, including politicians and academics, asked the German court to annul, arguing that it constituted a form of unlawful to violate German law monetary financing.

The German court had already ruled on the OMT, arguing that could exceed the ECB’s mandate, violate the prohibition on monetary financing and did not provide the necessary limits to the bank. However, it did not take a decision at that time, transferring the case to the Court of Justice of the EU, in an unprecedented action.

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