55However, contrary to the applicant’s assertions, in the present case the obligation to state reasons did not preclude the ECB from basing itself on considerations which took account of hypothetical behaviour in which market participants might engage following disclosure of the information contained in Annexes A and B to the Exchange Agreement and the effects such behaviour might have on future interventions. Not only are those reasons sufficiently specific to enable the applicant to challenge their correctness and the Court to conduct its review, the general nature of the ECB’s statement of reasons is justified by the concern not to reveal information which is sought to be protected under the exception relied upon.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.