June 29, 2020 / 1:23 PM / 3 days ago

ECB has shown flagship stimulus plan is proportional - FinMin Scholz

BERLIN, June 29 (Reuters) - The European Central Bank has honoured the principle of proportionality with its flagship stimulus programme, German Finance Minister Olaf Scholz said in a letter to the president of Germany’s lower house of parliament.

Germany’s top court last month gave the ECB three months to justify bond purchases under the stimulus plan - the Public Sector Purchase Programme (PSPP) - or lose the Bundesbank as a participant.

In the June 26 letter, a copy of which was seen by Reuters, Scholz wrote: “The federal finance minister is convinced the ECB Council ... has shown plausible proportionality with regard to the PSPP,” Scholz wrote.

Writing by Paul Carrel; Editing by Maria Sheahan

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