German court ruling will not get in ECB’s way: Makhlouf

(C) Reuters.

DUBLIN (Reuters) – A German Constitutional Court ruling this week that the European Central Bank had exceeded its powers will have no impact on the ECB’s actions to ensure there is adequate liquidity throughout the euro zone, governing council member Gabriel Makhlouf said.

“I think it’s an interesting judgment, I think fundamentally it doesn’t actually get in the way of the ECB carrying on with its incredibly important job, especially at this time in the crisis… We are determined to respond forcefully to the challenges and to do whatever it takes to deliver our mandate,” Makhlouf told Irish national broadcaster RTE.

“The judgment is directed at the German government and the German parliament. It looks as if it runs counter to what the European Court of Justice indicated just over a year ago but the ECB itself acts very transparently.”