ECB's Rehn: German court's verdict does not instantly affect ECB's monetary policy

In a statement delivered to Finnish parliament, European Central Bank (ECB) Governing Council member Olli Rehn said German Constitutional Court's verdict would not instantly affect the ECB's monetary policy.

"It is essential that German Constitutional Court agrees with the EU top court that ECB's PSPP purchase programme does not breach ban on public sector central bank funding," Rehn added. "The EU Court of Justice, not national courts, interprets legality of European institutions' actions and giving up this principle could have very negative consequences for the EU."

Market reaction

The EUR/USD pair edged slightly higher in the last minutes and was last seen trading at 1.0855, up 0.08% on a daily basis.