Euro officials back bazooka

Tim Wallace
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THE EUROPEAN Central Bank (ECB)’s plan to buy troubled governments’ debts is vital to holding the euro together, rather than a scheme to bail out profligate states, ECB official Joerg Asmussen said yesterday.

He was in the German constitutional court defending the outright monetary transactions scheme against claims it is overreaching the ECB’s powers, straying towards fiscal policy.

The court will continue the hearings today.