In my interview with @MAmdorsky @FT, I talk about monetary policy @ecb, the economic outlook, the European recovery fund and the longer-term consequences of the crisis. The full transcript of the interview can be found here: https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200527~2e4cb22bf4.en.html 1/7 https://twitter.com/fteconomics/status/1265478390364110849

We will not adjust our monetary policy measures in response to the GCC ruling & will continue to act in line with our mandate. We continuously assess the pros & cons of our measures. Side effects of monetary policy & communication will also be part of our strategy review. 2/7

A solution will be found that will allow the @bundesbank to continue to participate in our asset purchase programmes. If the @ecb can constructively support that process, we will do so. 3/7

Criticism of monetary policy should not be based on narratives that do not match the facts. Many appreciate how the ECB is contributing to alleviating the impact of the current pandemic. Our decisive actions have helped to improve the attitude towards the ECB more generally. 4/7

A strong European fiscal response can counter divergence & foster sustainable growth through investments in digitisation, healthcare systems & a carbon-free economy. The Franco-German proposal is an encouraging step in the direction of further European integration. 5/7

Monetary policy has to counter risks of fragmentation & an unwarranted tightening of financial conditions. Market conditions remain fragile. We will continue to act forcefully. Based on the upcoming staff projections, we will decide whether an additional stimulus is needed. 6/7

Europe needs to continue on the path of economic and financial integration and make progress towards completion of the banking and capital markets union. A European safe asset would help integration and foster the international role of the euro. 7/7