Economy13 hours ago (May 06, 2020 02:00AM ET)
(C) Reuters. FILE PHOTO: Italian Prime Minister Giuseppe Conte attends a session of the lower house of parliament on the coronavirus disease (COVID-19) in Rome
ROME (Reuters) – The independence of the European Central Bank is key to the foundations of the European Union and no constitutional court should decide what it can or cannot do, Italy’s Prime Minister Giuseppe Conte said on Wednesday.
On Tuesday, Germany’s highest court gave the bank three months to justify bond purchases under its flagship stimulus programme or lose the Bundesbank as a participant.
“It is not up to any constitutional court to decide what the ECB can or cannot do. Its independence is the fulcrum of the European treaties, which are recognised by Germany too,” Conte told the newspaper, Il Fatto Quotidiano, in an interview.
“I find it out of place for a national court, although a constitutional one, to ask the ECB to justify its purchases. It cannot interfere in these initiatives,” he added.
No constitutional court can decide what ECB does: Italy PM tells paper
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
