The Wall Street Journal’s Daily Report on Global Central Banks for Wednesday, January 14, 2015:

Sign up for the newsletter: http://on.wsj.com/grandcentralsignup

The European Central Bank had its day in court Wednesday, and it turned out pretty well.

An adviser to the Luxembourg-based European Court of Justice largely endorsed a previous, never-used ECB bond plan called Outright Monetary Transactions, which many analysts saw as the final hurdle ahead of the ECB’s expected launch of quantitative easing next week The complicated legal language aside, the non binding opinion boiled down to this: buying government bonds is a legitimate tool of monetary policy.