The European Central Bank’s Outright Monetary Transactions and the Federal Constitutional Court of Germany

Publication: White Paper No. 4
Topic Area: Macro Finance
Authors: Helmut Siekmann,
Volker Wieland
Date: Jun 2013
Keywords: ECB, OMT, monetary policy, fiscal policy

This note reviews the legal issues and concerns that are likely to play an important role in the ongoing deliberations of the Federal Constitutional Court of Germany concerning the legality of ECB government bond purchases such as those conducted in the context of its earlier Securities Market Programme or potential future Outright Monetary Transactions.

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