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German bank chief says crisis not over

Posted By kurtnimmoadmin On March 14, 2013 @ 3:52 pm In Global Crisis | Comments Disabled

irishtimes.com
March 14, 2013

The euro zone crisis is not over, France is slipping on reforms and the Bundesbank has set aside billions in new provisions for what it sees as risky Europe an Central Bank moves, Germany’s central bank said today.

Presenting Bundesbank 2012 results that showed a sharp increase in its risk provisions, the German central bank’s chief, Jens Weidmann, urged governments to tackle the roots of their troubles with reforms.

Mr Weidmann, a member of the ECB’s Governing Council, opposed the bank’s yet-to-be-used bond-buy plan agreed last September and believes euro zone governments must shape up their economies to exit the crisis rather than looking to the ECB for help.

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