Draghi’s OMT Plan Gets Reluctant Backing From German Court
- OMT program underpins Draghi vow to do ‘whatever it takes’
- Judges tell German government, Bundesbank to monitor limits
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German judges reluctantly rejected challenges to 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 Bundesbank 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.