ECJ Advocate General delivers opinion on legality of ECB right to purchase Eurozone bonds

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The opinion of the Advocate General of the European Court of Justice, Pedro Cruz Villalón, regarding an ECB-related case brought to the Federal Constitutional Court of Germany by Peter Gauweiler and others, was given on 14 January 2015. The Advocate General found that the 2012 ECB decision on Outright Monetary Transactions (establishing a competence to purchase Eurozone government bonds) “falls within the monetary policy for which the Treaty makes the ECB responsible and does not constitute an economic policy measure, provided that, throughout the whole period of implementation of any OMT programme, the ECB refrains from any direct involvement in the financial assistance programmes to which the OMT programme is linked.” The full opinion is on this Court of Justice page. A commentary is available from the Jurist legal news and research service. The EUI Library maintains a Eurozone Guide and Bibliography and a European Statistical Data Directory.