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EU Court of Justice finds OMT programme for purchase of government bonds not contrary to EU Treaties

In a judgment handed down on 16 June 2015, in the first ever preliminary reference made from Germany’s Federal Constitutional Court (Bundesverfassungsgericht), in Peter Gauweiler and Others v Deutscher Bundestag (Case C-62/14), the Court of Justice of the European Union ("CJEU") has held that the outright monetary transactions ("OMT") programme announced by the ECB in September 2012 for the purchase of government bonds on secondary markets does not exceed the powers of the European Central Bank ("ECB") in relation to monetary policy and does not contravene the prohibition of monetary financing of Member States set out in the Treaty on the Functioning of the European Union ("TFEU").

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