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Updated 08:02 25/09/20

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Lawyer gives ECB green light to start money printing

Peter Walden, News Editor
15 Jan 2015, 12:21 p.m.

A leading European Union lawyer has confirmed the ECB can legally buy Eurozone sovereign debt in a process commonly known as quantitative easing.

The advocate general to the European Court of Justice, Pedro Cruz Villalon, confirmed the bond buying program designed in 2012, does not violate EU law. The measures were originally drawn up at the height of the European crises in an attempt to avert a possible Eurozone break up. So far the measures are yet to be used, however, with the threat of deflation taking hold the ECB are coming under increased pressure to start outright QE.

The euro fell on the news to below its launch level for the first time in 10 years after the court’s decision was announced. Many are now expecting the ECB to announce the launch of the plan as early as next week. Traditionally when central banks print money investors turn to gold as a hedge against future inflation.

Gold is currently trading at 819.68 per ounce, silver at £11.20, platinum 818.86 per ounce and palladium £509.38 per ounce.

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