A court in Europe is set to review the legality of the emergency bond buying programme that was launched by Mario Draghi, the head of the European Central Bank in order to save the common currency.

Germany's constitutional court has been asked to review the programme as some believe that the European Central Bank's Open Market Transactions scheme might have breached a mandate in the European law. The court said that it is possible that the OMT was legal and the matter will be referred to the European Court of Justice (ECJ) in Luxembourg, which is expected to offer repot next year.

The remarks come at a time when it is stated that the OMT is not set to be scrapped. The bond buying programme has helped stabilise the European bonds markets and ensure the survival of the common currency.

Experts say that the central bank's bold steps have been able to keep the European markets calm over a period of time. The ECB had indicated that it will directly get involved in the bonds market and purchase bonds of troubled member countries, most likely Spain and Italy. Draghi had defended the scheme and claimed that it was able to address fears that the Eurozone is headed for a breakup.