Euro zone countries risk ending up guaranteeing each others' debt without any formal decisions to do so, European Central Bank Governing Council member Jens Weidmann said on Wednesday.
"An all-inclusive explicit collective guarantee of debt is no longer on the agenda, but the collective risks from - hopefully only temporary - financial aid and central bank special measures have reached substantial heights," Weidmann, who also heads the German Bundesbank, said in the text of a speech to be given at an automotive industry event.
"Were these risks to remain at current levels or even rise, they could hollow out the stability culture in a similar fashion to an explicit collectivisation of debt."
The Bundesbank chief has been a vocal critic of the ECB's decision to unveil a new government bond-purchase programme.
Weidmann also rejected arguments that Germany should raise wages in a show of solidarity towards struggling euro zone members. He said this would only hurt the German economy in the long term, and help no one.
(Reporting by Annika Breidthardt; editing by Ron Askew)