May 6, 2020 / 2:22 PM / a month ago

France says ECB only answers to European Court of Justice

PARIS, May 6 (Reuters) - The European Central Bank alone is able to judge what monetary policy is needed, French Finance Minister Bruno Le Maire said on Wednesday, responding to a German court ruling which called on the ECB to justify its bond purchases under its stimulus scheme.

The ECB’s independence was guaranteed by European treaties, which are overseen only by the European Court of Justice, Le Maire added in a statement.

“Within the euro zone we are all attached to the ECB’s independence, which allows it to fulfill its mission in an independent manner under the oversight only of the European Court of Justice,” Le Maire said, adding that the German court ruling was unhelpful for stability in the bloc.

Germany’s highest court ruled on Tuesday that the ECB must prove within three months that its purchases of government bonds are proportional, or the Bundesbank will have to leave the scheme. (Reporting by Leigh Thomas and Michel Rose; Writing by Sarah White; Editing by Geert De Clercq)

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