June 29, 2020 / 3:29 PM / in 4 days

ECB backing Bundesbank efforts in legal conflict, Lagarde says

FILE PHOTO: European Central Bank President Christine Lagarde looks on during a debate on the 2018 annual report of the ECB, at the European Parliament in Strasbourg, France, February 11, 2020. REUTERS/Vincent Kessler/File Photo

FRANKFURT (Reuters) - The European Central Bank (ECB) will support efforts of the Bundesbank in convincing German authorities that its government bond purchases are needed and proportional, ECB President Christine Lagarde said in a letter published on Monday.

“The ECB is supporting the Deutsche Bundesbank in its efforts to ensure its continued participation in the implementation of the Public Sector Purchase Programme and its cooperation with the German Federal Government and the German Parliament, as appropriate,” she said in a letter to a member of the European Parliament.

Germany’s Constitutional Court ruled last month that the ECB exceeded its powers with the purchase scheme and gave it three months to prove proportionality.

Reporting by Balazs Koranyi; Editing by David Goodman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below