ECB OFFICIAL CALLS FOR GOV’T ACTION TO HELP GROWTH

FRANKFURT, Germany (AP) — A member of the European Central Bank’s rate-setting council has said monetary policy cannot boost long-term growth and called instead for reforms by governments to make the weak economy more investment-friendly.

Jens Weidmann said in the text of a speech in Madrid on Monday that low interest rates and stimulus measures can boost short-term demand but that central bank action “cannot permanently boost growth prospects.”

Weidmann, who also heads Germany’s Bundesbank central bank, said that long-term growth depended on countries’ willingness to lower barriers to investment by streamlining bureaucracy and rules on hiring and firing.

His remarks follow a speech last week by ECB President Mario Draghi in which he said the bank was ready to do more to boost the struggling economy.

 Stay Updated To Save Money & Time. Join Our Free Newsletter 
. Indepth Analysis & Opinion       . Interviews      . Exclusive Reports  
. Free Digital Magazines      News & updates      . Event Invitations 
                     
& Much More Delivered To Your Inbox For Free.
Submit
We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.

 

 Stay Updated To Save Money & Time. Join Our Free Newsletter 
. Indepth Analysis & Opinion       . Interviews      . Exclusive Reports  
. Free Digital Magazines      News & updates      . Event Invitations 
                     
& Much More Delivered To Your Inbox For Free.
Submit
We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.

 
Close
Stay Updated To Save Money & Time. Join Our Free Newsletter. 
. Indepth Analysis & Opinion       Interviews          . Exclusive Reports 
. Free Digital Magazines        . News & updates        . Event Invitations
& Much More Delivered To Your Inbox For Free. 
Submit
We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.
 
Close