Saturday 19 October 2019

Slammed: Former ECB officials revolt over Mario Draghi and Philip Lane's eurozone stimulus plans

Lambasted: Mario Draghi and Philip Lane are targets of criticism
Lambasted: Mario Draghi and Philip Lane are targets of criticism

European Central Bank (ECB) stimulus plans backed by outgoing president Mario Draghi and new chief economist Philip Lane have been publicly lambasted by a group of former top officials.

The influential group includes former Bank of France governor Jacques de Larosiere and Helmut Schlesinger, former president of Germany's Bundesbank.

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"As former central bankers and as European citizens, we are witnessing the ECB's ongoing crisis mode with growing concern," they said.

"The longer the ultra-low or negative interest rate policy and liquidity flooding of markets continue, the greater the potential for a setback," according to a document signed by the group, which also includes former ECB chief economists Otmar Issing and Juergen Stark.

It follows last month's resignation of German ECB board member Sabine Lautenschlaeger, in another public rebuke of the policy.

Irish Independent

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