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European Court recognized the legality of the government bonds purchase of the EU countries in crisis

  • 26.01.2015, 07:01,
  • 0

Program of the European Central Bank on unlimited purchase of government bonds of the EU crisis countries that was announced in September 2012 is not contrary to the EU laws. 

European Court recognized the legality of the government bonds purchase of the EU countries in crisis

This was mentioned in the conclusion of the Advocate General of the European Court in Luxemburg Pedro Cruz Villalon addressed to the court on Wednesday, 14 January. As mentioned in the document, during the accomplishment of the program OMT the issuing bank of the EU zone should comply with the certain conditions. In particular, the ECB has a right to buy government bonds of the crisis country of the EU zone not directly from the governments, but on the so-called secondary market and only after the expiration of the certain time limit necessary for the formation of the market price for the securities.

Besides, the ECB must justify purchases of government bonds as well as purchase them in reasonable amounts, as stated in the conclusion of Villalon. Court in Luxemburg verifies the legality of the program OMT upon request of the Constitutional Court of Germany that expressed doubts in the legality of the ECB actions. Around 37 thousands plaintiffs filed complaints to the Constitutional Court of the Federal Republic of Germany regarding the unlimited purchase of government bonds of crisis countries in the EU zone.

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