In the opinion of Prof. Volker Wieland, the European Central Bank (ECB) should reduce its bond-buying program. "The ECB should step off the accelerator in its expansionary monetary policy", he said at the European Banking Congress in Frankfurt. A central bank has only limited possibilities, he warned. "A central bank cannot generate sustainable growth".
The ECB should also take into account the negative side effects of its monetary policy on the banking sector and financial stability, Wieland said. With regard to interest rate rules, Wieland pointed out that the ECB had departed from the path that was signaled by such rules.
Börsen-Zeitung: "Das europäische Fundament zerbröselt"
Frankfurter Neue Presse: "Gipfeltreffen der Banker"