Developments Saving Face? The German Federal Constitutional Court Decides Gauweiler By Asteris Pliakos and Georgios Anagnostaras * Abstract The German Federal Constitutional Court has issued its long-awaited judgment in the Gauweiler Case. The ruled that the policy decision on the Outright Monetary Transactions programme (OMT programme) does not manifestly exceed the competences attributed to the European Central Bank (ECB) and does not manifestly violate the prohibition of monetary financing of the budget, if interpreted in accordance with the preliminary ruling of the European Court of Justice ;CourtͿ. This article surǀey’s the Court’s decision and offers a critical commentary on this important case. * Asteris Pliakos, Professor of European Union Law at the Athens University of Economics and Business and Director of the Scientific Committee of the Hellenic Parliament. Georgios Anagnostaras, Legal Advisor at the Hellenic Radio and Television Council and Teaching Associate at the Hellenic Open University. This paper was funded by ELKE/AUEB and it was coordinated and managed by the Special Research Account of the Athens University of Economics and Business. All views expressed are personal.