Submission to EU justice court on ECB monetary transactions

Ireland is among the states making a submission to the European Court of Justice on the ECB’s outright monetary transactions programme, credited with halting the euro crisis but questioned by the German Constitutional Court.

The German court referred a number of issues about the transactions to the Court of Justice in Luxembourg, after finding it was not in line with German law.

The referral was seen as something of a win for the ECB since this was the first time Germany’s highest court has asked the court for its opinion.