File - Judges of the German Constitutional Court (Bundesverfassungsgericht) second senate leave the courtroom in Karlsruhe in this September 12, 2012. (REUTERS/Kai Pfaffenbach)
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The European Central Bank's bond-buying plan will be reviewed by the European Union's highest court as German judges temporarily put aside their doubts about the program credited with quelling the region's debt crisis.Germany's Federal Constitutional Court sought guidance from the top EU tribunal after signaling opposition to ECB President Mario Draghi's initiative in a six to two vote. The German court said the OMT is likely to violate EU rules because it amounts to economic policy that is outside the ECB's mandate, which is limited to monetary policy.During the June 2013 hearing in the case, ECB representatives made statements suggesting a restrictive interpretation of EU rules the court adopted would most likely be in line with the "meaning and purpose of the OMT Decision," the court said.The issues concerning the OMT will return to the German court after the European Court of Justice has handed over its review. The German court will then make a final ruling.
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