For Volker Wieland returning to normality in monetary policy is crucial ("Welt am Sonntag")

According to Volker Wieland, the question how the European Central Bank (ECB) will exit the expansionary monetary policy is crucial for the euro. "Whether the euro will be successful in the long run, depends upon the question whether the central bank will find a way back to normality in monetary policy", he said in an interview with the German weekly "Welt am Sonntag".

In his view, the euro can only function over the long haul if the member states' public finances are sound. Wieland warned against expanding the circle of members in the current situation. "The accession of applicant countries should wait. First of all, it is necessary to ensure that the crisis countries of the monetary union find their way back to sustainable economic growth," he said.

Welt am Sonntag: "Zentralbank in der Klemme"
see also: Die Welt / Welt online: "Ökonomen warnen vor Risikofaktor Italien"