After all the headlines I’ve dug out the full report from the Advocate General where he also has a nice pop at the German courts who brought the case
the courts must exercise a considerable degree of caution when reviewing the ECB’s activity, since they lack the expertise and experience which the ECB has in this area.
Cruz Villalon’s judgement is not binding and the ECJ will now consider the findings and revert at a later date to be advised
Meanwhile the ECB says it takes note of the findings and OMT’s are ready and available
Worth pointing out that OMT is not QE. The Outright Monetary Transaction programme is meant to help a struggling eurozone member state, by reducing its borrowing cost whereas under Quantitative Easing, a central bank expands its money supply by buying up assets with new money.
Cruz Villalon – Draghi’s new best friend
