Departing European Central Bank Executive Board Member Juergen Stark said he quit the ECB out of disappointment over “how this monetary union has evolved,” WirtschaftsWoche reported, citing an interview.
The ECB fulfilled its role of maintaining price stability and warned euro area governments early on of potential problems, the magazine cited Stark as saying in an e-mailed preview of an article to be published Monday. Governments, not monetary policy makers, have the tools to curtail undesirable trends such as rising real estate prices, WiWo cited him as saying.
“Don’t ask too much of the central bank,” the magazine quoted Stark as saying.
To contact the reporter on this story: Naomi Kresge in Berlin at firstname.lastname@example.org
To contact the editor responsible for this story: Phil Serafino at email@example.com