Bundesbank Cools ECB Speculation as Euro Leaders Sell Accord

Germany’s top central banker cooled speculation that the European Central Bank will extend its role as European leaders pressed their case that a new fiscal accord will deliver the region from its two-year-old debt crisis.

Bundesbank President Jens Weidmann told the Frankfurter Allgemeine Sonntagszeitung yesterday that while the new accord represents “progress,” the onus is on governments rather than the Frankfurt-based ECB to resolve the crisis with financial backing. German Finance Minister Wolfgang Schaeuble said euro-area policy makers will now focus on implementing the Dec. 9 pact to strengthen budget rules as quickly as possible.