The strong criticism faced by the European Central Bank in recent weeks could be the response to some of the bank's stimulus measures blurring lines between monetary and fiscal policy, ECB Governing Council member and Bundesbank Chief Jens Weidmann said.
In an interview published in the German daily Die Welt, Weidmann said he and ECB President Mario Draghi agree when it comes to the importance of price stability and the economic conditions though they may disagree on some other issues.
He said he was defending central bank independence while speaking in support of Draghi after sharp criticism from German Finance Minister Wolfgang Schaeuble.
Regarding the recent criticism of ECB stimulus measures, Weidmann said, "The vehemence of the debate might also stems from some of our previous measures having blurred the line between monetary and fiscal policy and redistributed state liability risks via central bank balance sheets."
"This has made us more vulnerable," the policymaker added.
Weidmann reiterated that the ECB's government bond purchases is problematic, because the central banks are the biggest creditors of their states.
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