ECB's Lautenschlaeger Says There's No Need for More Stimulus Now

  • Executive Board member says economic data have been positive
  • Current stimulus measures should be given more time to work

The European Central Bank shouldn’t undertake any further monetary stimulus measures for now, Executive Board member Sabine Lautenschlaeger said.

“Data in the last few weeks indicate that the euro-area economy has so far shown itself to be resistant to uncertainty in the global economy,” Lautenschlaeger said in a speech in Munich on Monday. “For me it is clear: At this time, I see no need for further monetary-policy measures, especially not for an expansion of the asset-purchase program.”

Lautenschlaeger, formerly vice president of Germany’s Bundesbank, has previously criticized the ECB’s 1.1 trillion-euro ($1.2 trillion) quantitative-easing program as creating financial-stability risks that are hard to estimate. She’s the highest-ranking member of the 25-person Governing Council so far to speak out against further stimulus, which President Mario Draghi has signaled could come as soon as the next policy meeting on Dec. 3 to combat low inflation.

“The euro area does not find itself in a situation where further monetary-policy easing is without alternative,” Lautenschlaeger said. “We should give the numerous and, all-in-all formidable, monetary-policy efforts time to show their full effects.”

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