UK secures important victory at ECJ to preserve the single marketThe General Court of the European Court of Justice (ECJ) this morning ruled in the UK’s favour in its case against the ECB over the location of the clearing of euros outside of the Eurozone. The Court ruled that the ECB’s opinion, that central counterparties which clear securities in euros should have access to ECB liquidity and therefore be located inside the Eurozone, should be annulled. The ruling is based on the fact that the Court does not believe the ECB has competence to create policy in this area.
Sources: Open …read more
Source: Open Europe
