“Bundesbank president Jens Weidmann is really starting to lose friends over his stance on ECB policy. He’s long been opposed to the central bank buying government bonds on the open market, which in the last few days has become the action plan of choice among commentators, analysts, and reportedly the ECB itself.
Over the weekend, German chancellor Angela Merkel said publicly, “I support Jens Weidmann, and that as the head of the German Bundesbank he has much influence as possible in the ECB.”
However, the German news magazine Der Spiegel reports today that behind the scenes, even Merkel and her cabinet are getting tired of Weidmann’s obstruction of ECB plans to stabilize peripheral countries’ bond markets.
Der Spiegel”
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