ENLARGE FRANKFURT—Germany's top court said it would announce its final ruling on the European Central Bank's 2012 bond-buying program next month, bringing to an end a years-long legal challenge that had pitched the Frankfurt-based ECB against its German detractors.
The Federal Constitutional Court said it would publish its judgment on the program, known as Outright Monetary Transactions, at 10 a.m. local time (4 a.m. EST) on June 21.
The ECB announced the program in September 2012 at the height of the eurozone debt crisis, as investors worried that the bloc could break apart. Although it has never been used, the existence of OMT, together with ECB President Mario Draghi's pledge to do "whatever it takes" to save the euro, ultimately succeeded in calming investors' fears.
European Union judges last year cleared the program with minor conditions after being sent the case by the German judges in 2014.
The German court will now decide whethe r the ECB's actions were in line with Germany's constitution.
The ruling may not be the end of the ECB's legal woes in Germany, however. Last week, German lawyer Markus Kerber filed a fresh complaint against the ECB's bond-purchase program at the top court on behalf of a group of complainants, a court spokesman said.
Write to Tom Fairless at tom.fairless@wsj.com[6]
References
- ^ CANCEL (www.wsj.com)
- ^ Biography (topics.wsj.com)
- ^ @TomFairless (twitter.com)
- ^ tom.fairless@wsj.com (www.wsj.com)
- ^ 0 COMMENTS (www.wsj.com)
- ^ tom.fairless@wsj.com (www.wsj.com)
Source ↔ Download Musik Terbaru
