Moodys says the ECJ decision is a “boon” for future monetary policy

Moodys in their January 15 ‘Outlook’ and picked up by Bloomberg:

• Advocate General to the ECJ has said that the ECB’s OMT program is lawful, increasing the likelihood that the ECJ will also rule that the OMT is lawful
• This opinion, and its affirmation of ECB independence with respect to monetary policy, is credit positive for euro area sovereigns and their economies because it “enhances the ECB’s ability to implement unconventional measures”

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More on the decision:

• 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