Brussels court probes Draghi rescue device

Julian Harris
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Mario Draghi introduced the OMT
THE EUROZONE’S central bank was challenged in a top Brussels court yesterday over the legality of its bond-buying programme.

The European Court of Justice will determine whether a group of German politicians are right to challenge the Outright Monetary Transactions (OMT) programme, devised in 2012.

European Central Bank chief Mario Draghi was credited with stemming the economic crisis that engulfed the euro area in 2012 by pledging to do “whatever it takes” to save the single currency – a promise made after unveiling the OMT.

Yet the possibility of the OMT being activated has prompted objections in Germany. Yesterday, the head of the Ifo think tank said: “If we want bail-outs then they must be approved by parliaments. There is a massive democracy deficit in Europe.”