Lipstok Says ECB Measures May Ease Pressure for Fiscal Action

European Central Bank Governing Council member Andres Lipstok said the bank’s liquidity and bond-buying measures may reduce the incentives for governments to act to solve the debt crisis.

Lipstok said the ECB’s so-called non-standard measures only address the symptoms of the problem and not the cause, and that the Frankfurt-based ECB’s options to combat the crisis are “relatively limited,” according to a commentary for the Postimees newspaper published by the Estonian central bank, which Lipstok heads.

The ECB’s non-standard measures are “clearly temporary,” Lipstok said.

To contact the reporters on this story: Jeff Black in Frankfurt at; Ott Ummelas in Tallinn at

To contact the editor responsible for this story: Craig Stirling at

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