Gotta love this guy 
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEeXKEd16xDM&refer=home
May 12 (Bloomberg) -- European Central Bank Governing Council member Axel Weber said he sees âno needâ for the ECB to buy further private assets to support lending.
âI currently donât see the need for outright purchases of further private debt obligations,â Weber said in a speech in Munich today. âThere is no credit crunch in the euro area; therefore, there is no reason why we should surpass the banking system with our monetary-policy instruments.â
ECB policy makers have been split over the best response to Europeâs deepest recession since World War II. Athanasios Orphanides, the former U.S. Federal Reserve economist who now heads the Cypriot central bank, led the push for the ECB to engage in asset purchases. Weber opposed the idea, in a position shared by ECB Executive Board members Juergen Stark and Lorenzo Bini Smaghi.
âWith the measures adopted so far, an exit from the policy of generous liquidity provision is still relatively easily possible,â Weber said. The ECB âwill drain the provided liquidity as quickly as possible once the economic environment brightens.â
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEeXKEd16xDM&refer=home
May 12 (Bloomberg) -- European Central Bank Governing Council member Axel Weber said he sees âno needâ for the ECB to buy further private assets to support lending.
âI currently donât see the need for outright purchases of further private debt obligations,â Weber said in a speech in Munich today. âThere is no credit crunch in the euro area; therefore, there is no reason why we should surpass the banking system with our monetary-policy instruments.â
ECB policy makers have been split over the best response to Europeâs deepest recession since World War II. Athanasios Orphanides, the former U.S. Federal Reserve economist who now heads the Cypriot central bank, led the push for the ECB to engage in asset purchases. Weber opposed the idea, in a position shared by ECB Executive Board members Juergen Stark and Lorenzo Bini Smaghi.
âWith the measures adopted so far, an exit from the policy of generous liquidity provision is still relatively easily possible,â Weber said. The ECB âwill drain the provided liquidity as quickly as possible once the economic environment brightens.â
