Weidmann Says Governments Must Take Lead Amid ECB Policy Limits

European Central Bank Governing Council member Jens Weidmann said monetary policy can only play a limited role in fostering growth, encouraging governments to press ahead with structural reforms.

European countries with high debt levels should focus on a “credible path toward sustainable public finances” and restructure their economies to increase competitiveness, Weidmann told Bloomberg News in Cairns, Australia, where he is attending a Group of 20 meeting of finance chiefs.