European Central Bank President Christine Lagarde defended on Monday the aggressive stimulus measures taken by the ECB in response to the coronavirus pandemic, saying they are proportionate to the risk faced by the euro zone.
The ECB’s massive purchases of government bonds have come under fire from Germany’s constitutional court, which has given it three months to justify them or lose the national Bundesbank as the main buyer in its flagship debt-buying scheme.
“Our crisis-related measures are temporary, targeted and proportionate ... to the severe risks to our mandate that we are facing,” Lagarde told EU lawmakers. While the German court ruling refers to a different ECB bond-purchase scheme, Markus Kerber, one of the co-plaintiffs in the case, told Reuters on Friday that PEPP may fall foul of a ban on bankrolling governments.
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