EU Court - OMT programme is in line with EU law

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Wednesday, Jan 14 2015

The European Court of Justice announced a preliminary, non-binding ruling regarding the constitutionality of the ECB's Outright Monetary Transactions policy (OMT). According to the EU court adviser OMT programme is in line with EU law so long as certain conditions are met.

What this means is that OMT is legitimate so long as there is no direct involvement in financial assistance programme that applies to state in question. Furthermore, ECB must outline its reasons for adopting unconventional measures such as OMT.

Announcement did not have any major impact on euro which is currently being traded around 1.1789 level. Pair is likely to find support around 1.1750 level and resistance above 1.1850 area. Later today, in the US session, Retail Sales figures are scheduled for a release.

More in this category: « Oil prices extend loses US Retail Sales decreased by 0.9% »

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