Volker Wieland considers a bond-buying program the logical consequence of monetary policy with an interest rate at the zero lower bound. However, the earlier quantitative easing would have been enough to counter deflation.
According to Volker Wieland the ECB has gained too much power assuming responsibility for the euro area banking supervision. On the other hand, the new measures like OMT have provided the ECB with great influence on public finance in the euro zone crisis countries. Besides, the ECB has moved into the center of political interest.