Weidmann Said to Oppose ECB Policy Package From Rate Cuts to ABS

Bundesbank President Jens Weidmann opposed the European Central Bank’s policy measures today, according to two euro-region central bank officials.

Weidmann dissented both on the ECB’s interest-rate cuts and its purchase program for asset-backed securities, according to the two officials, who asked not to be identified because the discussions are private. A Bundesbank spokesman declined to comment on Weidmann’s votes.

ECB President Mario Draghi said that he secured a “comfortable majority” in favor of action, suggesting one or more of the 24-member Governing Council opposed a package of stimulus that followed only three months after his last unprecedented easing plan. The ECB cut its three main interest rates to historic lows today and unveiled a purchase program for asset-backed securities and covered bonds, intended to have a “sizeable” impact on the central bank’s balance sheet.

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