"The appeal of the German court in Strasbourg for the OMTs is obviously not good news," said Sergio De Nardis, chief economist at Nomisma, referring to the Outright Monetary Transactions announced by the Governing Council of the ECB in August 2012.
By OMT, in detail, we mean the direct purchase by the European Central Bank of short-term government bonds issued by countries in serious and overt macroeconomic difficulty.
“OMTs are the only real reason why the euro crisis is over. Moreover, it is a program that worked without being implemented: not a single euro was spent; the announcement was enough to lower the spreads. Its cancellation or even a modification in a restrictive sense which would imply a correction of the ECB approach could cause the area to return to the tensions of two years ago.
The one on the meaning of the OMTs is only minimally a technical discussion since it unfortunately reveals divergences of interests, perspectives and visions which cannot lead to anything good for Europe.
It is now up to the European Court of Justice to accept Draghi's reasons and reject Karlsrhue's findings to the sender ”, concluded De Nardis.
