The European Central Bank (ECB) shouldn't rush into implementing massive bond-purchase programs in the future, the head of the German central bank warned in an interview with CNBC Wednesday.
The 19-country region launched a quantitative easing package — a massive stimulus program — back in 2015 to prop up the moribund economy following the sovereign debt crisis. The active bond-buying ended in December last year, but throughout its existence there was running opposition, saying it was dragging on for too long.
However, each country is able to dictate its own spending measures. As a result, there are countries that follow more conservative fiscal targets, whereas others are often in breach of the area's fiscal rules. Setting up a common monetary policy is therefore difficult given the disparities across the region. This is in contrast to the United States, for example, where both the monetary and fiscal rules apply to the entire country.
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