Interview with Financial Times
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Martin Arnold on 25 May and published on 27 May 2020
27 May 2020
Thank you for making time to talk to us. I know you have been incredibly busy recently. It has been an extraordinary few weeks. I’d like to start by asking you about the recent German constitutional court ruling against the ECB’s public sector purchase programme (PSPP). How is the ECB going to respond to this?
The ECB is under the exclusive jurisdiction of the European Court of Justice and therefore this court ruling does not directly affect us. It is directed at the German government and at the German parliament, who now have to respond. The ECJ ruled in December 2018 that the PSPP is legal. Therefore, it is clear for us that we can and have to continue our monetary policy in line with our mandate to make sure that in the medium term we are getting back to our inflation aim of below, but close to, 2 per cent and that our monetary policy is transmitted to all parts of the euro area. So we are not adjusting our monetary policy in any way in response to this ruling.(...)
27 May 2020
Thank you for making time to talk to us. I know you have been incredibly busy recently. It has been an extraordinary few weeks. I’d like to start by asking you about the recent German constitutional court ruling against the ECB’s public sector purchase programme (PSPP). How is the ECB going to respond to this?
The ECB is under the exclusive jurisdiction of the European Court of Justice and therefore this court ruling does not directly affect us. It is directed at the German government and at the German parliament, who now have to respond. The ECJ ruled in December 2018 that the PSPP is legal. Therefore, it is clear for us that we can and have to continue our monetary policy in line with our mandate to make sure that in the medium term we are getting back to our inflation aim of below, but close to, 2 per cent and that our monetary policy is transmitted to all parts of the euro area. So we are not adjusting our monetary policy in any way in response to this ruling.(...)
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