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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.  

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© Graham Bishop

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