Amtenbrink, Fabian Author aut Text xx# 2015 Verfassungsblog 2015-01-16 ger

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In its preliminary ruling on the the ‘Outright Monetary Transactions’ programme of the ECB, the ECJ will have to find the ‘golden mean’. On the one hand, it is improbable that the European judges will risk a constitutional conflict with the highest German court by given their unqualified approval of the OMT. On the other hand, not only the unlikely rejection of the OMT in its entirety, but also the imposition of limits on the overall amount of purchases of government bonds could compromise the success of the mere announcement of the OMT in calming the markets and, moreover, provoke a resurgence of the Euro area financial and debt crisis. Arguably the dilemmas this involves are reflected in the opinion on this case by Advocate General Cruz Villalón. CC BY-NC-ND 4.0 Amtenbrink, Fabian funded by the government 342 https://staging.verfassungsblog.de/outright-monetary-transactions-ecj-search-golden-mean/ 2366-7044 Max Steinbeis Verfassungsblog gGmbH 10.17176/20170207-150625 150116 10.17176/20170207-150625 Converted from MARCXML to MODS version 3.7 using MARC21slim2MODS3-7.xsl (Revision 1.140 20200717)