Ewald Nowotny supports the decision
One of the members of the Governing Council of the ECB Ewald Nowotny said that he personally supports the decision, since it was better first to await the effect of measures taken last year stimulus measures before "shot the last bullet, which the bank has ". "I agree that there are advantages but also risks are not insignificant. The larger the volume of such operations, the greater are the problems with possible side effects. Such effects may result from pouring too much liquidity. Already have negative interest rates in some sectors. This is definitely not a welcome development in the long term, "he warned. According to Novotny main issue is how monetary policy alone can not cope with the economic weakness.
Managing Director of the International Monetary Fund Christine Lagarde also believes that measures the ECB should boost the eurozone economy, but will not be enough by themselves. "We need deep structural reforms that will improve competitiveness," says she. German Chancellor Angela Merkel, whose country is the most active opponent of the ECB's decision to take money printing, warned other European leaders that should not slow economic reforms. "Regardless of what makes the ECB must not underestimate the fact that real growth should be based on the conditions provided by politicians," she said during the World Economic Forum in Davos. It said governments must act even more decisively to reform their economies, as the decision of the central bank gives them more time.
One of the most problematic countries in terms of economic reforms remains Greece. The country's problems have worsened because of the strong capital outflows from the four largest banks in the country on the eve of parliamentary elections. While it provides buying securities with investment grade, Greece can also be included in the program of the ECB under certain conditions. According to members of the Management Board of the Bank Ignacia Visco possible Greek government bonds to be included in the program in June.