Getting Sued for Saving the Eurozone

By Derek Hunter

In mid-2012, many experts were betting that the Eurozone would fall apart -- southern European countries couldn’t access retail bond markets, and northern European countries were not prepared to help. But Mario Draghi, the president of the European Central Bank (ECB), vowed to do “whatever it takes,” and announced the Outright Monetary Transactions program, where the bank would buy large volumes of the government bonds of distressed countries. Now, several German plaintiffs are arguing before the European Court of Justice that “whatever it takes” was actually illegal, and beyond the scope of the ECB’s power.

The Wall Street Journal discusses the legal issues in the case, and how a ruling against the ECB could jeopardize current programs.