Ex-ECB Economist Stark Says Bank Stretched Mandate, Spiegel Says
The European Central Bank has stretched its mandate to the extreme due to its bond-purchase program, the bank’s former chief economist Juergen Stark wrote in a departure letter to colleagues, Spiegel reported, citing the document.
It is an illusion to think that monetary policy can remedy major structural and fiscal problems in the euro area, the magazine cited Stark as writing.
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