Six former euro zone central bankers on Friday criticized the European Central B...
FRANKFURT - Six former euro zone central bankers on Friday criticized the European Central Bank’s ultra-easy monetary policy under the presidency of Mario Draghi, saying it has been unsuccessful and probably aimed at bankrolling indebted governments.
Their attack came at a time of discord inside the ECB, where more than a third of policymakers opposed more money printing last month, and reflected the radical overhaul of the once conservative institution’s policies under Draghi. “As former central bankers and as European citizens, we are witnessing the ECB’s ongoing crisis mode with growing concern,” wrote the six signatories, most of whom are in their 70s and 80s.
Modelled on Germany’s own Bundesbank and preoccupied with containing inflation, the ECB was slower than its peers in Britain and the United States in resorting to massive bond purchases in response to the financial crisis of 2008. But these policies have fueled resentment in Germany and other cash-rich countries, which fear that savers are being penalized and may one day foot the bill for profligate governments elsewhere.
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