I appeared on both BBC World and the BBC News Channel this week, talking about the European Court of Justice’s interim decision on Outright Monetary Transactions (OMTs). OMTs are the mechanism introduced by the European Central Bank to buy certain types of Eurozone Member State bonds to help bring down interest rates and reduce borrowing costs.
Speaking about his appearances, I said:
“Today’s decision was as much about the politics as the actual process of the decision. The ECB needed an opinion which backed-up their efforts to reassure markets and investors. Without it, their rhetoric could have been seriously undermined. Whilst there is still some way to go, the ECB will be breathing a huge sigh of relief today.”