More from the Scnabel interview: - Q: You say...>

ECB: More from the Scnabel interview:

- Q: You say that the ECB is constantly assessing the proportionality of its

policies. But the highest court in Germany - the biggest economy in the eurozone

and largest shareholder in the ECB - is not convinced that the ECB has done a

good enough job of explaining this proportionality, which as you know is a key

legal concept in German law. So don't you need to do more to explain this to the

court to resolve the situation?

- A: We try in any of our decisions to make very clear why we are taking them,

what are the pros and cons. We also produce research papers and plenty of them

are discussing the potential side-effects of monetary policy. And there is the

monetary policy strategy review coming up. Unfortunately it had to be postponed

a bit. But these kinds of questions naturally will figure prominently in the

strategy review.