Lagarde says ECB 'undeterred' by German QE ruling

“We are an independent institution accountable to the European Parliament, driven by our mandate.”

The European Central Bank is “undeterred” by a German Constitutional Court ruling critical of its government bond-buying programme and will do “whatever is necessary” to support the eurozone economy through the coronavirus crisis, president Christine Lagarde said Thursday.

ECB “tools, the calibration the proportionality, the assessment, measurements, the evaluation is all going to be a factor of what the circumstances dictate,” Lagarde said. Unless an explanation is forthcoming within three months, they will ban the country’s powerful Bundesbank central bank from participating in QE — potentially undermining the policy’s effectiveness even as it has been extended to battle the coronavirus pandemic.

Lagarde reiterated Thursday that the ECB is “a European institution with competence in the euro area… under the jurisdiction of the European Court of Justice”.

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