Thursday, January 22, 2015

Reactions on the ECB’s program: Sharp criticism of Draghi’s decision – NEWS

Reactions on the ECB's program: Sharp criticism of Draghi's decision – NEWS


 Thursday, January 22, 2015


 The European Central Bank wants to pump hundreds of billions of euros into the economy to fight a new crisis in the euro area. This decision is controversial. We have compiled responses to Governing notice.



Angela Merkel – Chancellor

“The ECB’s decision must not deflect attention from the real impetus for growth must be set by rational framework through the policies and can also be set. “

Peter Gauweiler – CSU politician

” It seems that the ECB again pick up the banks in the crisis countries’ toxic assets and risks wants to impose European taxpayers. “

Christian Lindner, FDP chairman

” Today’s Fed decision is the result of over a year declining reform tempo . in the euro area countries, when the pressure for reform is now not increased noticeably, the euro will be under serious risk “

Georg driving at -. Credit Unions president

“Ultimately, the Fed had probably no other more chance to start as an attempt to meet the self-fed by their expectations of the markets. [...] I can broadly seen no real threat of deflation, which must be fought.”

Stefan Biel Meier – chief economist at DZ Bank

“Financial markets were and go out with dedication of money illusion -. More money will also help more”

Kurt J. Lauk – Economic Council Chairman of the CDU

“This is the next attempt of the ECB are to cover economic problems with monetary policy measures.”

Michael Kemmer – chief executive of the Association of German Banks

“With its purchase program, the European Central Bank (ECB) dramatizes the price and economic developments in the euro area unnecessarily. In addition, the benefits and risks of the low interest rate policy fall gradually in an unfavorable imbalance “

Uwe Fröhlich – President of the Federal Association of German Cooperative Cooperative Banks (BVR)

“. This activist policy, the ECB contributes to the uncertainty of the citizens. [...] After the monetary policy staccato of the past few months, the ECB must now move into a calmer waters and avoid making further cash injections. The euro zone needs a monetary policy pause. “

Dennis Snower, President IFW Institute

” The ECB, given the level of interest rates near zero no other options for action more as even to buy government bonds. They thus influences the relative rates of individual countries and thus influences fiscal policy. The ECB is undermining incentives for sustainable fiscal discipline and debt policy. To relieve the ECB of this situation, the EU needs with member countries clear, simple and credible as platforms for fiscal policy agree. “

Martin Wansleben, GCIC General Manager

“The ECB has become the prisoners of their own announcements. She has played its last card without need now. This clearly outweigh the risks: the effect of the purchase of government bonds on price developments in the euro-zone is uncertain. The danger of speculative bubbles in financial markets, it can continue to grow. “

Jana Meyer, HSBC Trinkaus

” has disappointed the ECB in any case, they has the floodgates opened its economy and has become the expectations insofar justice. However, are the most recent data on volume only slightly higher than that which recently noted by the market haunted “

Jörg Krämer, Commerzbank chief economist.

“Since the program will run 19 months, likely more than 1,000 billion euros are pumped into the market. The buy-back program, which is significantly greater than it had expected, most experts. Moreover, Draghi said that is purchased for as long as it can appear to be necessary for inflation. This may indicate that the ECB nachlegt in the event of continued low inflation again. After QE QE before. “




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