President
of the Bundesbank, the German central bank, Jens Weidmann, she decided
to resign due to plan the European Central Bank (ECB) to resume
purchases of sovereign bonds, which has strained relations between these
institutions, according to German newspaper Bild quoted by Bloomberg.
Bundesbank representatives declined to comment on the information.
"Weidmann expressed his views in an interview with Der Spiegel," said a spokesman for the Bundesbank, Michael Best.
According to sources quoted by Bild, Weidmann considered resigned because ECB plan for a new round of bond purchases of sovereign and discussed this possibility with board members BundesbankWeidmann, the only member of the Governing Council who opposed the plan, decided to remain in office to defend position at next monetary policy meeting next week.
Bundesbank has become increasingly isolated as the ECB has advanced more than an unmarked teritioriu its policy to combat the debt crisis.
Bundesbank representatives declined to comment on the information.
"Weidmann expressed his views in an interview with Der Spiegel," said a spokesman for the Bundesbank, Michael Best.
According to sources quoted by Bild, Weidmann considered resigned because ECB plan for a new round of bond purchases of sovereign and discussed this possibility with board members BundesbankWeidmann, the only member of the Governing Council who opposed the plan, decided to remain in office to defend position at next monetary policy meeting next week.
Bundesbank has become increasingly isolated as the ECB has advanced more than an unmarked teritioriu its policy to combat the debt crisis.
Former
head of the Bundesbank, Axel Weber, resigned in April last year in part
because of his opposition to the ECB the first to purchase sovereign
bonds.
ECB chief economist, Juergen Stark, who previously was the vice president of the Bundesbank, resigned in late 2011 to protest against these acquisitions, in his view, violate the line between monetary and fiscal policy.
Weidmann German Government asked to remain in office, told Bild.Weidmann told Der Spiegel that a new wave of bond purchases by the ECB could increase dependence on government for this type of financing and will not solve the debt crisis.
ECB President Mario Draghi responded to an article in Die Zeit, which said that fulfilling the mandate of the central bank sometimes requires unconventional measures.
Draghi announced the plan in early august is buying bonds in the secondary market to reduce interest rates European countries requiring rescue fund to buy bonds on the primary market.
ECB chief economist, Juergen Stark, who previously was the vice president of the Bundesbank, resigned in late 2011 to protest against these acquisitions, in his view, violate the line between monetary and fiscal policy.
Weidmann German Government asked to remain in office, told Bild.Weidmann told Der Spiegel that a new wave of bond purchases by the ECB could increase dependence on government for this type of financing and will not solve the debt crisis.
ECB President Mario Draghi responded to an article in Die Zeit, which said that fulfilling the mandate of the central bank sometimes requires unconventional measures.
Draghi announced the plan in early august is buying bonds in the secondary market to reduce interest rates European countries requiring rescue fund to buy bonds on the primary market.
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