ECB's de Guindos: ECB is an independent institution

Commenting on the German Constitutional Court's ruling on the ECB's bond-buying programme, the ECB is under the jurisdiction of the European Court of Justice, said ECB Vice President Luis de Guindos. 

De Guindos further reiterated that the ECB is an independent institution. 

"Eurozone will overcome the current crisis but will suffer an impact on results," de Guindos added. "Banks in the eurozone will have to further reduce excess capacity, eventually embark on national and cross-border mergers within the eurozone."

Market reaction

The EUR/USD pair largely ignored these comments and was last down 0.1% on the day at 1.0835.