Germany’s Schlesinger Tells Welt Tenders Make ECB ‘Inflexible’

Helmut Schlesinger, former president of Germany’s Bundesbank, criticized the European Central Bank’s policy of injecting fresh money into the market in an interview with Welt am Sonntag.

The ECB’s most recent tenders in December and February, in which banks were awarded more than 1 trillion euros ($1.3 trillion), made the institution “completely inflexible,” Schlesinger was quoted as saying in an interview to be published by the Berlin-based newspaper tomorrow. “It can really control only 5 percent of the money it has spent.”