Commenting on the German Constitutional Court’s decision on the ECB’s bond purchase program, the ECB is under the jurisdiction of the European Court of Justice, said ECB vice president Luis de Guindos.
The Guindos also reiterated that the ECB is an independent institution.
“The euro zone will overcome the current crisis but will have an impact on the results,” added Guindos. “Eurozone banks will have to further reduce their excess capacity, eventually embarking on national and cross-border mergers within the eurozone.”
EUR / USD largely ignored these comments and was down 0.1% on the day at 1.0835.