In the following, you can find some excerpts of Volker Wieland's views as stated in the survey by "Boersen-Zeitung".
The inflation target of 2 percent is adequate. This holds especially true for the strategy of the ECB with the self-imposed quantitative defintion regarding the overall index of the Harmonised Index of Consumer Prices (HICP) of close to but below 2 percent in the medium term. The ECB's mandate is price stability that is zero inflation. However, in the quantification of the ECB measurement errors are considered. An inflation rate that is positive on average provides an additional cushion against phases of deflation and low interest rates.
Extension of the mandate of price stability by including financial stability:
No. The ECB has enough flexibility by the explicit orientation towards the medium term, which is not exactly defined. After all, the ECB is not precisely obliged to stick to the inflation target from quarter to quarter. The ECB can also take into account the price development of goods and services that are not or not to a great extend included in the HICP. After all, central banks should watch out for the side effects regarding financial stability.
Rules in monetary policy:
I support a stronger focus on rules. They already exist in regulation and banking supervision. In the United States there is a legislative initiative, according to which the Fed has to publish a monetary policy rule for the interest rates, which seems suitable. Then the Fed would have to explain on a regular basis why it deviates from the so-called Taylor Rule if that is the case.
Boersen-Zeitung: "Notenbanker stehen vor riesigen Herausforderungen" (Paid Content)