Thread by @GrundSebastian

The @ecb responds to the @BVerfG: “The PEPP and the APP were proportionate measures under the current conditions for pursuing the price stability objective, with sufficient safeguards having been built into the design of these programmes...”

ecb.europa.eu/press/accounts…

@ecb further explains: “the proportionality assessment of any monetary policy measure had to consider, among other things, the degree to which the measure contributed to achieving the monetary policy objective [...] and possible unintended side effects [...].”

And, reiterates proportionality a third time wrt to the #PEPP: “the PEPP was a measure which was proportionate to counter the serious risks to price stability, the monetary policy transmission mechanism and the economic outlook in the euro area [...].”

We might not have the optimal monetary-fiscal coordination in 🇪🇺, but the @ecb set new standards for monetary-judicial coordination. The @ecb showed its goodwill and included the magic words in the GovC minutes (arguably, satisfying the GovC “decision” requirement set by @BVerfG)