Germany's top court rejects challenge to ECB's bond buying plan
[BERLIN]German judges rejected challenges against one of the European Central Bank's most powerful tools just two days before a potential Brexit vote could unleash economic turmoil across the euro area.
Germany's highest court dismissed five suits seeking to stop the country from participating in a controversial bond- buying plan that underpinned European Central Bank President Mario Draghi's 2012 vow to do "whatever it takes" to save the euro.
While they voiced concerns, the German judges said they were bound by last year's ruling on the Outright Monetary Transactions program by the European Court of Justice, which said it includes sufficient safeguards to prevent the bond purchases from being disproportionate, which would violate EU rules governing the ECB.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
IMF concerned about debt, fiscal challenges facing low-income countries
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising
Colombian fund managers eye US$750 million fee bonanza after senators tweak pension bill
Fed survey cites inflation, US election as key financial stability risks
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East