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German Cooperative Banks Applaud ECB’s Commitment to Stability

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Aug. 2 (Bloomberg) -- German cooperative banks welcomed the European Central Bank’s “clear commitment” to stabilize the euro area and its announcement today to work on more non-standard monetary policy measures.

“The ECB should not limit itself to developing special monetary policy tools,” Andreas Martin, a member of the board of the BVR banking association, said today in a statement. “It has to create long-term transparency of its stabilization strategy.”

Martin urged policy makers to incorporate the temporary European rescue fund, the European Financial Stability Facility, as soon as possible in measures to stabilize bond markets.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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