Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 11 May 2020
11 May 2020
The German Constitutional Court said that the ECB's public sector purchase programme (PSPP) is partly unconstitutional. Do you think this verdict could hamper the ECB's actions? Some commentators are suggesting the “whatever it takes” effect could be gone now?
The ECB is a European institution, meaning that the European Court of Justice has exclusive jurisdiction over the ECB and its actions. It ruled in 2018 that the PSPP is legal. As stressed by the ECB’s President, we are undeterred in our willingness and ability to act. We will continue to conduct the PSPP and the pandemic emergency purchase programme (PEPP), as well as our other monetary policy measures, in line with our mandate. This message also seems to have been well-understood by market participants.(...)
11 May 2020
The German Constitutional Court said that the ECB's public sector purchase programme (PSPP) is partly unconstitutional. Do you think this verdict could hamper the ECB's actions? Some commentators are suggesting the “whatever it takes” effect could be gone now?
The ECB is a European institution, meaning that the European Court of Justice has exclusive jurisdiction over the ECB and its actions. It ruled in 2018 that the PSPP is legal. As stressed by the ECB’s President, we are undeterred in our willingness and ability to act. We will continue to conduct the PSPP and the pandemic emergency purchase programme (PEPP), as well as our other monetary policy measures, in line with our mandate. This message also seems to have been well-understood by market participants.(...)
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