We have also authorised the disclosure of our extensive explanation on proportionality that we submitted to the Court of Justice as well as excerpts from minutes of Governing Council meetings. The German authorities have assessed the PSPP as proportionate before the Constitutional Court. With the new documentation, they are in a position to further corroborate their initial finding if necessary.
Our authorisations respect and are consistent with the independence of the ECB and the Deutsche Bundesbank, the fact that the Bundesbank is an integral part of the Eurosystem, the primacy of EU law and the binding nature of judgments of the Court of Justice of the European Union. And they are in the spirit of European cooperation.