June 22, 2020 / 8:09 AM / 14 days ago

ECB ready to cooperate to resolve German legal dispute, VP says

FILE PHOTO: European Central Bank (ECB) Vice-President Luis de Guindos attends an European Union finance ministers meeting in Brussels, Belgium January 21, 2020. REUTERS/Johanna Geron

FRANKFURT (Reuters) - The European Central Bank is ready to cooperate with German “institutions” to resolve a legal dispute that jeopardises the participation of the euro zone’s biggest economy in the ECB’s hallmark stimulus programme, the bank’s vice president said.

The ECB is ready to provide the German central bank the necessary information to resolve the issue and the ECB it is willing to engage German institutions if this did not threaten its independence, Germany’s Der Spiegel quoted Luis de Guindos as saying on Monday.

Germany’s Constitutional Court ruled last month that the ECB failed to demonstrate the proportionality of its asset purchases so the Bundesbank must quite the scheme unless the ECB provides a sufficient justification within three months.

Reporting by Balazs Koranyi; Editing by Alison Williams

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