FRANKFURT, Oct 8 (Reuters) - Part of the success of centralbanks is that they recognise their limits instead of embarkingon too many tasks during a crisis, European Central BankGoverning Council member Jens Weidmann said on Monday.
"The current crisis puts extraordinary challenges topolitical decision makers and also on central banks," Weidmann,who heads the German Bundesbank, said in the text of a speech tobe delivered at the North Rhine Westphalia Academy of Sciencesand Arts in Duesseldorf.
"For central banks, this is tied to significant problems ...there is a threat of overloading central banks."
He said that the road to success was paved with knowing thelimits of action.
"One of the secrets of success of an independent centralbank was recognition of its limits."
Weidmann, who has vehemently opposed the ECB's new OMTbond-buying programme, said that those who act primarily topacify financial markets in the short term without payingattention of medium to long-term problems will not be able toachieve stability.
He also said giving central banks financial supervisiontasks posed many unanswered questions as the separation ofmonetary policy and supervision was "difficult" from both anorganisational and a legal point of view.
(Reporting by Sakari Suoninen)