ECB's Weidmann - "monetary policy is not a panacea"
November 23, 2012 11:14 PM EST
Monetary policy is not a panacea and overburdening it is not the way to produce a lasting basis for strong and stable growth, European Central Bank policymaker Jens Weidmann said on Friday.
"If the house is burning, putting out the fire has to be the most pressing concern," he said in a keynote speech to a banking conference before adding that policymakers must beware that they are "not unwittingly preparing the ground for the next fire."
"Overburdening monetary policy ... cannot provide a lasting basis for strong and stable growth," Weidmann said. "The crisis has blurred the boundaries between monetary policy and fiscal policy."
"Monetary policy is not a panacea," he added.
(Reporting by Eva Kuehnen and Sakari Suoninen, writing by Paul Carrel)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Black Friday 2014 Sale: Top Deals On Game Consoles Xbox One, PS4, Nintendo Wii U And More
- Walmart Pre-Black Friday 2014 Sale On Nov. 21, 2014 Includes Discounts On The 'NBA 2K15' For PS4 And The 'Skylanders Trap Team’ Starter Kit [WATCH VIDEO]
- Alleged 'Microsoft Lumia 1030' Front Panel Leaked With Capacitive Buttons; 'Xbox One' Owners To Get Free Goodies On Anniversary
- More Bad News for Android 5.0 Lollipop As Problems Come In for Nexus and Other Devices
- Black Friday 2014 Sale: Top 9 TV Deals Starting From $99 To $899
- BlackBerry Classic (aka Q20) Keyboard Shortcuts Explained In A Quick Video
- Julie Bishop Condemns Barack Obama For Overlooking Australia’s Commitment in Protecting Great Barrier Reef