as technical experts in this case before the constitutional court. we have also authorised the disclosure of our extensive explanation on proportionality that we submitted to the court of justice as well as excerpts from minutes of governing council meetings. the german authorities have assessed the pspp as proportionate before the constitutional court. with the new documentation, they are in a position to further corroborate their initial finding if necessary. our authorisations respect and are consistent with the independence of the ecb and the deutsche bundesbank, the fact that the bundesbank is an integral part of the eurosystem, the primacy of eu law and the binding nature of judgments of the court of justice of the european union. and they are in the spirit of european cooperation. i see no obstacle to the bundesbank continuing its purchases under the pspp after 5 august. and i trust that my german colleagues share the spirit of european cooperation and will continue 1 / 2 bis central bankers'speeches with their pro - european and constructive track record. 1 federal constitutional court ( bundesverfassungsgericht ), judgment of the second senate of 05 may 2020 – 2 bvr 859 / 15 -, para. 111. 2 judgment of the court ( grand chamber ) of 11 december 2018, weiss and others, c - 493 / 17, eu : c : 2018 : 1000. 3 account of the monetary policy meeting of the governing council of the european central bank held in frankfurt am main on wednesday and thursday, 3 - 4 june 2020. 2 / 2 bis central bankers'speeches

me as we toured your cities and learned about your work. regional economic conditions matter the first lesson i learned during my travels is that there is no one - size - fits - all strategy for community stabilization. the downturn in housing has affected communities in a variety of ways, depending on the underlying economics of each. because of these variations, a stabilization strategy that is effective in an industrial city facing high unemployment is unlikely to suit a suburban community where employment has remained relatively stable. communities with weak underlying economies are characterized by a long trend of population loss, gradual impoverishment, and strained municipal resources. for cities like cleveland, detroit, and indianapolis the increase in foreclosures over the last few years has exacerbated a pre - existing vacancy problem. 1 the increased rates of foreclosures and the related economic downturn have hastened a cycle of decreasing property values. declines in state and local property and sales tax revenues result in even more vacant homes and deteriorating neighborhoods. many community organizations and homeowners have been frustrated by the difficulties of working with mortgage lenders and servicers, and these problems are even more exaggerated in weaker market cities. in the most devastated neighborhoods, some lenders do not even complete the foreclosure process or record the outcome of foreclosure sales because the cost of foreclosing exceeds the value of the property. anecdotal evidence suggests that these " toxic titles " have placed significant numbers of properties in a difficult state of legal limbo. 2 as a result of the high rates of abandonment, many cities such as flint, michigan, cleveland, ohio, and youngstown, ohio have pursued plans to " right size " by demolishing vacant properties and creating land banks. these strategies effectively align housing supply with demand and create open spaces and parkland that promote community health and sustainability. several community organizations in detroit, for instance, have joined together to promote an urban farming initiative that not only reclaims abandoned properties but capitalizes on the growing popularity of locally grown food. detroit's garden resource program provides hundreds of home, school, and community gardens access to resources and information that empower residents to grow, harvest, prepare, and preserve food in their backyards and neighborhoods. in 2008, the program supplied over 169 community gardens, 40 schools, and 359 families with seeds, plants, and training that produced thousands of pounds of food inside the city of detroit. 3 even communities with strong underlying economies have not been immune