"Draghi, a former investment banker, has not learnt anything in his role as head of the ECB. He was and still is the wrong person for the job," Michelbach said.
With its "Draghi politics", the ECB is helping countries that are not reforming, he said.
"Draghi is ridiculing the people in Europe who have taken burdens upon themselves to shore up the future of their countries by means of reforms," Michelbach added.
He said the planned purchases of debt, which the ECB hopes will boost lending and so boost the euro zone economy, would mobilise "not one single extra euro of loans" in the single currency bloc.
"Draghi looks like he is at his wit's end and he's trying to cover it up by performing increasingly absurd pirouettes," Michelbach said.
"The ECB needs to change its policies so that they come back within the terms of the treaties."