According to Wieland, there is only a slight danger of a deflationary spiral. "Since the beginning of the crisis the ECB has been at full speed. Now it should wait and see how the Eurozone comes out of the recession."
In Wieland's opinion, the Fed's major policy shift does not put the ECB on the spot to follow suit. He recommended the ECB to take broader inflation measures into consideration, such as the GDP deflator, and not only the consumer prices.
Börsen-Zeitung: "Man kann die Geldpolitik nicht einfach dem Finanzministerium überlassen" (€)