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German official cautions on more ECB stimulus


AP Photo/Markus Schreiber

FRANKFURT, Germany - Germany's top central banker says it's too soon for the European Central Bank to talk about giving the struggling eurozone economy a further shot of stimulus.

In an interview with Die Zeit newspaper made available Wednesday, Jens Weidmann said the ECB only this month loosened monetary policy with an interest rate cut.

"I don't think it's a good idea to announce the next round right away," he said.

Weidmann's caution follows remarks by ECB executive committee member Peter Praet last week that the ECB could purchase financial assets such as bonds if the bank thought the economy was threatened by deflation. Other central banks including the U.S. Federal Reserve have made such purchases with newly-created money to lower interest rates and spur growth.