The best decision

I acknowledge that there were three possible outcomes for the German Federal Constitutional Court’s decision on the OMT programme:

• To reject it as unconstitutional, which would have been a severe blow to the German authorities.
• To accept it with serious limitations, which would have reduced its room for manoeuvre in the future.
• To accept it without further conditions.

As you know, the third option was ultimately chosen. Restrictions have indeed been imposed (manageable and expected), without this posing the slightest problem for either the ECB or the German authorities. Ultimately, the decision reduces future uncertainty and is a strong endorsement of the European Monetary Authority’s management of the euro crisis.

Read the full article by the AEB spokesperson in La Razón