ECB bond-buying plan legal says top EU lawyer

ECB bond-buying plan legal says top EU lawyer
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A leading EU lawyer has stated that an ECB bond-buying programme will not break EU law.

The European Central Bank’s Outright Monetary Transactions is compatible with the current European legal framework, according to Advocate General Cruz Villalon.

The plan is aimed at preventing the break-up of the euro.

The OMT has been challenged in Germany with claims that the bank is acting out of turn financing government debt.

The eurozone is under threat from recession and deflation and the OMT is designed to give some leeway to allow for a modicum of quantitative easing.

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