The EU-IMF 'Troika' that has overseen the bailouts of a number of euro zone countries could be disbanded after the European Court of Justice's (ECJ) decision yesterday.

The court issued a provisional ruling, saying that the ECB's Outright Monetary Transaction (OMT) programme is "in principle" compatible with EU laws - the mechanism involves the ECB buying the bonds of euro zone countries that are in bailout programmes.

Olli Rehn, the Finnish MEP who led the European Commission's involvement in the bailing out of five EU countries, has said that this will lead to major changes in how the ECB deals with future financial crises.

Speaking to the Financial Times, Mr Rehn said that, "It would probably mean the beginning of the end of the Troika in its current form, which would in turn push the euro zone to yet another important institutional reform."

The Troika has been a controversial entity. During its most recent visit to Ireland we asked people on the streets of Dublin to describe the institution in one word...

The the Financial Times' piece describes the Troika as a "much-hated" entity - and links its austere demands to the rise of far-left parties like Syriza in Greece - it is poised to lead the country after its snap-election on January 25th.

After the ruling Pedro Cruz Villalón, an advocate-general of the ECJ said that if the ECB uses its OMT programme - “it must refrain from any direct involvement in the financial assistance programme that applies to the state concerned”.

Mr Rehn says that these powers could make the Troika redundant: “The ECJ advocate-general’s report looks quite categorical, and would seem to end the ECB’s participation in the EU-IMF troika in the case of an OMT activation.”

As part of the conditions of Ireland's bailout it is subject to twice-yearly meetings with the Troika until 75 percent of its loans are repaid.