Moody's: ECJ decision credit positive for EZ sovereigns

FXStreet (Bali) - Moodys reports, with comments carried by Bloomberg, that the ECJ decision is credit positive for euro area sovereigns.

Moodys, during its January 15 ‘Outlook’, noted: "Advocate General to the ECJ has said that the ECB’s OMT program is lawful, increasing the likelihood that the ECJ will also rule that the OMT is lawful."

"This opinion, and its affirmation of ECB independence with respect to monetary policy, is credit positive for euro area sovereigns and their economies because it “enhances the ECB’s ability to implement unconventional measures.”