In Wieland's opinion, in Germany the impact of the ECB's monetary policy becomes obvious in the rapidly increasing housing prices and the negative interest rates for sovereign bonds with maturities of eight years. The ECB was staring at the index of consumer prices like the deer caught in the headlights, neglecting the impact of the its monetary policy apart from the consumer prices.
Frankfurter Allgemeine Woche: "Die Ohnmacht der Geldhüter"