The European Court of Justice decided on a ruling which strengthened the role of the European Central Bank (ECB) in mediating financial markets. The Court sustained the ECB’s 2012 offer to purchase the bonds of countries whose governments would otherwise face high borrowing costs. The Court disagreed with a challenge posed by a German group that claimed ECB to be overstepping its legal powers by using its monetary powers to provide financial aid to governments. Yves Mersch, who is an official at the ECB, stated that the bank was happy with the decision made by the Court.
