The ruling of the German Federal Constitutional Court and its call for conducting and communicating proportionality assessments regarding monetary policy have been the subject of some controversy. However, it can also be understood as a way to strengthen the de facto independence of the European Central Bank (ECB). This article shows how a regular proportionality check could be integrated in the ECB’s strategy, which is currently undergoing a systematic review. In particular, it proposes that quantitative benchmarks for policy rates and the central bank balance sheet should be included. Deviations from such benchmarks can have benefits in terms of the intended path for inflation while involving costs in terms of risks and side effects that need to be balanced. Practical applications to the euro area are provided.

中文翻译：

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德国联邦宪法法院的裁决与欧洲央行的策略

德国联邦宪法法院的裁决及其对货币政策的比例性评估进行和沟通的呼吁一直是一些争议的主题。但是，它也可以理解为加强欧洲央行（ECB）事实上的独立性的一种方式。本文展示了如何将定期的比例检查纳入欧洲央行的战略，该战略目前正在进行系统审查。特别是，它建议应包括政策利率和央行资产负债表的量化基准。偏离此类基准可能会在通胀预期路径方面带来好处，同时涉及需要平衡的风险和副作用方面的成本。提供了对欧元区的实际应用。