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Top European court rules ECB bond-buying plan in line with EU law

The Grand Chamber at the European Court of Justice
Wolfgang Von Brauchitsch | Bloomberg | Getty Images

The European Central Bank's OMT bond-buying plan is in line with European law, judges from the European Court of Justice ruled on Tuesday.

The European Union's top court was responding to legal action by a 35,000-strong group from Germany including politicians and academics, who had challenged the bond-buying scheme.

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In a statement explaining the ruling, the court set down certain conditions, saying that safeguards must be built in to ensure that any such programme did not contravene the prohibition of monetary financing of governments by a central bank.