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04 March 2014

EIM Financial - February 2014

Parliament is still on a collision course with Council on SRM: time has nearly run out but fortunately it does not matter in the short term.

  • The German Constitutional Court referred ECB’s OMT bond-buying to the ECJ, arguing that it goes against the ECB’s mandate as it amounts to monetary financing of government debt – prohibited by TFEU Article 123.
  • Markets were undisturbed as fears of a euro break-up have faded – for the moment.
  • But major legal issues lurk in the background.
  • The ECB’s approach to operating the SSM was laid out and SSM Head Nouy said some of the region's lenders have no future and should be allowed to die.  

Full article

© Graham Bishop

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