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Isabel Schnabel
@Isabel_Schnabel
This thread is for those of you who don’t find the time to read my #PetersbergSpeech in full. Link to English translation (including slides): ecb.europa.eu/press/key/date…. Link to original German version: ecb.europa.eu/press/key/date…. Op-ed @welt (in German): welt.de/wirtschaft/art…. 1/11
Main message: Without the #PEPP and our other measures, we would now presumably be in the midst of a severe financial crisis. The measures taken by the ECB are (1) necessary, (2) suitable and (3) proportionate to ensure price stability in the euro area. 2/11
Important clarification: This speech is not about #PSPP, subject to a court case @BVerfG. It is about the measures taken in response to the pandemic, designed specifically for the pandemic & containing own safeguards to protect fundamental principles of the currency union. 3/11
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#TLTROs #PEPP #PSPP #KarlsruheSpeech #PetersbergSpeech

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