Statement of ZEW President Professor Clemens Fuest: The ECJ Is Mistaken

According to the latest decision taken by the European Court of Justice (ECJ) in Luxembourg, the "Outright Monetary Transactions"(OMT) Programme announced by the European Central Bank (ECB) in September 2012 is in compliance with European legislation. Professor Clemens Fuest, President of the Mannheim Centre for European Economic Research (ZEW), has, however, criticised this decision: "The ECJ is mistaken. The OMT Programme is designed by the ECB to support peripheral states with high levels of debt. This is a form of fiscal policy, not monetary policy."

For further information please contact

Prof. Clemens Fuest, Phone +49(0)621/1235-100, E-mail fuest@zew.de