ECB's Villeroy is speaking
- We will be as flexible as required in particular to avoid euro area fragmentation caused by unjustified interest rate increases in some countries
- We will be as innovative as necessary regarding instruments
- Governing Council took note yesterday of the judgment by Germany's federal constitutional court
- EU Court of Justice has said our past actions are indeed proportionate to our mandate
- Our determination for the future to deliver on that mandate is total
- Criticizing ECB independence and price stability focus seems not only unnecessary but also dangerous
- Independence and price stability do in no way stand in the way of powerful action by the ECB
- In the very name of our mandate, we will be able to go further, and we will most likely have to go further to support the recovery
