ECJ made its final ruling of the case in June 2015, declaring the conditional " OMT program " to be legal, as it due to its attached conditions " " does not exceed the powers of the ECB in relation to monetary policy and does not contravene the prohibition of monetary financing of EU nations " ".
12.
There are four key provincial disciplines ( Accountancy, Information Management and System Engineering, Enterprise Management and Monetary Finance ), two key provincial teaching reform and experimental subjects ( Accounting, International Economics and Trade ), two provincial teaching reform and experimental courses ( principle of Management and the basis of Accountancy ) and seven provincial excellent courses ( Monetary Banking, Western Economics, Western Theory of Economics and Enterprise Financial Management etc . ).
13.
According to De Grauwe, none of the arguments is valid for the following reason : ( 1 ) The money stock does not necessarily increase if the money base is increased . ( 2 ) All open market operations generate taxpayer risk, and if the lender of last resort is successful in preventing countries from moving into the bad equilibrium, it will not suffer any losses . ( 3 ) The risk of moral hazard is identical to the moral hazard in the financial market and should be overcome by risk-limiting regulation . ( 4 ) If the distinction between illiquid and insolvent were possible, the market would not need the support of the lender of last resort, but in practice, the distinction cannot be made . ( 5 ) While Article 21 of the treaty prohibits buying debt from national governments directly because it " implies a monetary financing of the government budget deficit, " Article 18 allows the ECB to buy and sell " marketable instruments, " and government bonds are marketable instruments.
