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One of the most influential members of the European Central Bank (ECB) and the chief of German central bank Jens Weidman has once more stepped up his criticism of ECB’s monetary policy. Speaking today, Mr. Weidman said that the easing policy is proving to be powerless in reviving the growth in the Eurozone. He said that the monetary union isn’t suffering from a shortfall in activities, which can be tackled by the central bank. He insisted that the problem of the Eurozone is structural, which can only be solved by the fiscal policymakers. He said, “Today, as in the past, the weakness of growth is mainly due to structural reasons………We are therefore not primarily concerned with a weakness in demand, but with a low rate of growth. Monetary policy is largely powerless here. The key to more growth is in the hands of politicians, not the central bank”.
Mr. Weidman voted against additional easing in this month’s monetary policy meeting, where the central bank decided to extend monetary easing by another €540 billion.
