More from the Schnabel interview: - Q: I........>

ECB: More from the Schnabel interview:

- Q: I understand that as an independent central bank you can't adjust your

monetary policy to the ruling of a national court. But isn't the easiest way to

resolve this situation for the ECB to provide the proportionality assessment the

court has requested?

- A: I would argue that we are already doing this. This is what central banks

do. They design monetary policy measures, they discuss them, they weigh the pros

and cons. This is all documented in various texts that can be found on our

website. We publish the monetary policy accounts, which show very clearly that

there is always a discussion regarding the pros and cons of different monetary

policy measures. In addition, we are accountable to the European Parliament. The

president has a monetary policy dialogue every three months, which is streamed

on the internet and the transcript of which is available on the website of the

European Parliament. So we take transparency and communication very seriously.

And we are in a constant process of improving our communication. The question of

the proportionality of our actions is part of that.