Wieland sees no evidence that quantitative easing has helped growth. On the contrary, the long period of low interest rates is rather hurting financial intermediaries, he writes. According to Wieland, the ECB's monetary policy is pushing banks and insurance companies to take more and more risks to make up for eroding margins, threatening financial stability. Thus, "it would be better to tone down monetary expansion directly", Wieland concludes.
Wall Street Journal: "The Danger of Diverging Monetary Policies"