OMT Programme of the ECB upheld by the German Constitutional Court
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The Bundesverfassungsgericht has not accepted the constitutional complaints raised against the Outright Monetary Transactions programme of the European Central Bank. In its press release of 21 June the Court rules that the OMT programme does not currently impair the Bundestag’s overall budgetary responsibility. Nor does it present a constitutionally relevant threat to the German Bundestag’s right to decide on the budget.
A very important decision in a politically sensitive moment.