The ECB has published an FT interview with......>

ECB: The ECB has published an FT interview with Executive Board Member Schnabel:

- Q: 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?

- A: 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.