RBC comments on ECJ decision

From RBC research note on the ECJ decision:

• Says that the “initial Opinion from the European Court of Justice (ECJ) on the ECB’s Outright Monetary Transactions (OMT) program as being at the upper end of what the ECB could have hoped for.”
• The OMY “programme is seen to be compatible with the EU Treaties ‘in principle’, with little suggestion that the ECJ will seek fundamental tweaks to its operational parameters”

Add that the opinion

• “should also go some way in assuaging separate concerns around the legality of a broad-based QE programme, which we continue to expect will be announced at the 22 January Governing Council meeting”

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More on the decision here:

• ECJ ruling on the ECB’s OMT programme – Read all about it!
• Why the ECB is not legally out of the woods on QE after EU court decision
• ECJ ruling sets up battle with German courts – AEP
• Moodys says the ECJ decision is a “boon” for future monetary policy