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.
I see no obstacle to the Bundesbank continuing its purchases under the PSPP after 5 August. And I trust that my German colleagues share the spirit of European cooperation and will continue 1/2  BIS central bankers' speeches  with their pro-European and constructive track record.