The European Central Bank’s top German executive has cited the way the eurozone crisis has developed as the reason for his decision to quit, making clear his strong objections to the ECB’s government bond-buying programme.
Jürgen Stark, who steps down at the end of the year, said in September he was resigning due to “personal reasons”. His comments reported on Sunday in a German magazine interview, highlight the swirling debate within the ECB’s ranks over actions it has taken to combat the eurozone debt crisis – and which has constrained its willingness to escalate its response.
Mr Stark’s remarks to WirtschaftsWoche confirmed that the real reason for stepping down was his concern about the pressures being piled on central bankers – not just in the eurozone but worldwide. Since May last year, the ECB has acquired more than €200bn in mainly southern European government bonds, but it still has not seen an end to the eurozone crisis.