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13 Mar 2014
ECB's Weidmann: Eurozone sovereing debt crisis fading
FXStreet (Łódź) - President of the Deutsche Bundesbank and ECB Governing Council member Jens Weidmann said on Thursday that the ECB's accomodative monetary policy in the Eurozone was appropriate, but that low interest rates “shouldn't be a permanent condition.”
He recognized the gradual economic recovery in the area, although he stressed that it was too early to say that the sovereign debt crisis has ended. Debt levels remain high in several Member States and, but even the most distressed ones are showing signs of improvement, he admitted. Meanwhile, German growth should pick up further this and the next year, Weidmann predicted.
The central bank head also stressed the importance of quickly finalizing the EU banking union, which he considers to be “the biggest project since the creation of the euro.”
He recognized the gradual economic recovery in the area, although he stressed that it was too early to say that the sovereign debt crisis has ended. Debt levels remain high in several Member States and, but even the most distressed ones are showing signs of improvement, he admitted. Meanwhile, German growth should pick up further this and the next year, Weidmann predicted.
The central bank head also stressed the importance of quickly finalizing the EU banking union, which he considers to be “the biggest project since the creation of the euro.”