Bundesbank chief Weidmann critical of new ECB stimulus

Dark clouds cover the sky over the Reichstag building in Berlin, Germany, Friday, Sept. 13, 2019. The German government says the country’s economy is in a weak phase but it doesn’t currently see indications it will enter a long-term recession. (AP Photo/Markus Schreiber)

BERLIN (AP) — The head of Germany’s central bank says the European Central Bank “overshot the mark” in delivering a new blast of monetary stimulus to help the continent’s shaky economy.

The ECB decided Thursday to cut a key interest rate and restart its bond-buying stimulus program. Bundesbank President Jens Weidmann, who has long been skeptical about buying bonds, was quoted Friday as telling German daily Bild that the ECB’s governing council approved the “very extensive package” above all because the German economy is cooling, “but from my point of view, it overshot the mark.”

Weidmann argued the economic situation isn’t really bad and “such a far-reaching package” wasn’t necessary. And he said that, having decided to buy more bonds, it will become even more difficult for the ECB to exit that policy.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Recent Videos

HS Soccer

Thumbnail for the video titled "HS Soccer"

Minot State Football

Thumbnail for the video titled "Minot State Football"

HS Football

Thumbnail for the video titled "HS Football"

Go Kart Racer

Thumbnail for the video titled "Go Kart Racer"

Ducks Unlimited

Thumbnail for the video titled "Ducks Unlimited"

Robert's One Minute Forecast 9-14-18

Thumbnail for the video titled "Robert's One Minute Forecast 9-14-18"

Walk for Apraxia

Thumbnail for the video titled "Walk for Apraxia"

Cannabis for Veterans

Thumbnail for the video titled "Cannabis for Veterans"

Suicide Week

Thumbnail for the video titled "Suicide Week"

Valorous Unit Award

Thumbnail for the video titled "Valorous Unit Award"

FNFF: Class A, 9-Man

Thumbnail for the video titled "FNFF: Class A, 9-Man"

frenzy class AAA

Thumbnail for the video titled "frenzy class AAA"

I-94 Crash

Thumbnail for the video titled "I-94 Crash"

Handgun Found on Student

Thumbnail for the video titled "Handgun Found on Student"

Patroling Rural Areas

Thumbnail for the video titled "Patroling Rural Areas"

Friday, September 13th, 2019 - KX Storm Team Evening Forecast - Dave Holder

Thumbnail for the video titled "Friday, September 13th, 2019 - KX Storm Team Evening Forecast - Dave Holder"

Commercial Space

Thumbnail for the video titled "Commercial Space"

U-Mary Hockey Season

Thumbnail for the video titled "U-Mary Hockey Season"

Reclaim Health

Thumbnail for the video titled "Reclaim Health"

Minot City Budget

Thumbnail for the video titled "Minot City Budget"
More Video

KX News Trending Stories

Don't Miss