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  • The European Central Bank has defended its huge bond purchase stimulus programme as justified when weighed against the risks, minutes published Thursday showed, after a German court ruling required it to justify the scheme. The Asset Purchase Programme (APP) is a "proportionate" measure helping to deliver its price stability target, "with sufficient safeguards having been built into the design of these programmes to limit potential adverse side effects," the bank said during its last monetary policy setting meeting. The statement is an indirect riposte to the German Constitutional Court, which in its May ruling threatened to block the country's Bundesbank central bank from participating in the stimulus unless the ECB can show its government debt purchases are not "disproportionate" within three months. bur-hmn/mfp/rl
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  • ECB defends bonds purchase scheme as 'proportionate'
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