If the ECB had started turning away from its expansionary course in monetary policy, "interest rates could be in a positive range by now, similar to the Federal Reserve Board," Wieland said.
In Wieland's opinion, the ECB's reference to core inflation is not justified. Three or four years ago, core inflation hadn't been quite different. "One may wonder whether it was really necessary to cut interest rates in the negative range and to start a comprehensive bond purchase program," Wieland said in the interview with "Plusminus".
ARD-Plusminus: "Kerninflation - warum Guthaben schwinden und Zinsen nicht steigen"
(available only in German, Volker Wieland at 2:00 min)