Axel Weber has urged the ECB to consider exiting its support measures, saying the risks of waiting were greater than the risks of doing nothing. At a speech in New York on Tuesday, AFP reports the Bundesbank president saying: “It is necessary, from a monetary policy point of view, not to postpone the exit from non-standard measures for too long. There are risks both in exiting too early and in exiting too late. I believe the latter are greater than the former.”
Professor Weber, who is in the running to become ECB president next year, also repeated his view that the central bank’s bond buying program should come to an end, saying: “These securities purchases should now be phased out permanently as part of our non-standard policy measures.” The statements are on message for the ECB governing council member, who opposed the bond buying programme, and recently dismissed its role as “minor”. ECB bond purchases fell to near-zero levels last week, having shot up the week before.
Ralph is away.