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)

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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 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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