The president of Germany's Bundesbank gave a resolutely positive outlook for the global economy on Wednesday but cautioned that central banks shouldn't be overburdened with creating economic growth.
"We shouldn't paint the global economy in too gloomy colors," President Jens Weidmann told CNBC.
"The global recovery is on track," he added, although he cautioned that the "baseline" is surrounded by "more risks than previously."
Weidmann's comments come amid tumbling stock markets and increased fears of a recession. He noted that recent volatility could be traced back to a number of factors but agreed that low or negative interest rates – by central banks including the European Central Bank (ECB) – would have contributed.
He added that the recent fall in the price of oil would have a short-term impact on inflation rates and said central bankers in Europe would need to keep a watchful eye on the price for any "second-round effects."
Weidmann, who is also a governing council member of the ECB, is known for his opposition to extending the bank's massive bond-buying program. He believes that the wider investment community shouldn't rely too much on central banks.
"You shouldn't over-burden central banks. They don't have the miracles, medicine at their disposal," he said.
"We can in a sense influence prices, we can influence economic activity in the short-term but we cannot create growth. And my feeling is that time and again, central banks are at the spot and at the core of the hopes of many and I think we have to see their limited role and also their limited capacity to influence variables of interest to the broader public."