First and foremost, for Wieland the question is not whether the ECB should raise interest rates: "The main issue is the bond-buying program". The further relaxation of monetary policy had already led to an increase in asset prices. According to Wieland, the ECB should have already made adjustments as he and his colleagues from the German Council of Economic Experts had already recommended in 2015.
With a view to the risks that were building up due to the expansionary monetary policy, Wieland said: "The ECB should end the bond-buying program sooner rather than later". As soon as the ECB stopped buying bonds, long-term interest rates would rise. For investors, this entailed a greater yield. For banks, on the other hand, this increase involved many risks, Wieland warned. Also states that were able to refinance themselves favorably at the moment would suffer from those effects. "A sudden rise in interest rates involves risks and should be avoided at all costs", Wieland said.