ECB's Stark speaks out against bond buying

17th December 2011, Comments 0 comments

The European Central Bank's outgoing chief economist again criticised the bank's bond-buying programme as a way of resolving the eurozone debt crisis, in an interview published Saturday.

"Don't ask too much of the Central Bank," Juergen Stark told the German weekly Wirtschaftswoche. "We have since May 2010 bought about 210 billion euros ($273 billion) of bonds.... We can't keep expanding our budget sheet with no limit."

Stark has previously spoken out against the programme, saying it wouldn't tackle the root problems of Europe's debt crisis. ECB President Mario Draghi has also criticised bond buying.

Stark leaves office at the end of the year. His surprise announcement in September was widely seen by analysts and ECB watchers as a consequence of his opposition to the bond-buying programme.

In the interview, Stark recommended the outcomes of the December 8 summit of European leaders in Brussels be implemented as quickly as possible.

He also took a swipe at Greece, saying it had slowed its reform programme and was blaming other countries for its woes before first getting its own economic house in order.

© 2011 AFP

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