Central Banks

ECB's Weidmann: We didn't need to ease


European Central Bank Governing Council member Jens Weidmann argued that the latest round of monetary easing from the bank was not needed - after the package disappointed many in the markets.

Weidmann, who is the president of Germany's Bundesbank, said in an interview with German newspaper Bild that latest economic data confirmed his views that the sharp decline in energy prices supported the single currency region's economic recovery and that the close to zero inflation is in great part due to the low oil price.

Daniel Roland | AFP | Getty Images

"President Weidmann was and still is confident for the economic recovery in the euro zone and therefore expects inflation rate to go back towards levels consistent with our definition of price stability," the Bundesbank said in a statement sent to CNBC.

German Council of Economic Experts member, Volker Wieland echoed these comments when speaking to CNBC on Friday, saying the case for additional easing was being "overplayed."

"If you look at the data, basically the economy is recovering. There are a number of factors: monetary policy is already extremely easy even without this additional stimulus."

"So I don't think it was necessary and Weidmann made a very good point, oil prices are also helping to boost growth and actually even Draghi says that."

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"So in retrospect, I'm not surprised that the over-excited expectations of additional purchases – increasing the speed of purchases – didn't come out true. …The way the economy is going there was no case for major additional easing."

Actually, the ECB should be discussing the "slowing down of purchases," Wieland added.

The ECB cut its deposit rate and extended its asset buys on Thursday, but still disappointed many in the stock markets, who had placed bets on even greater monetary stimulus.

CNBC's Alexandra Gibbs contributed to this article.

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