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Bundesbank Criticizes ECB Bond Plan

German stance widens the dispute over how to deal with Europes sovereign debt crisis.

By Jeff Black, Bloomberg | Updated on August 20, 2012
Bundesbank Criticizes ECB Bond Plan

Germany’s Bundesbank stepped up its criticism of the European Central Bank’s plan to embark on potentially “unlimited” government bond purchases, widening a rift over how to tackle the sovereign debt crisis.

“The Bundesbank holds to the opinion that government bond purchases by the Eurosystem are to be seen critically and entail significant stability risks,” the Frankfurt-based central bank said in its monthly report today. The new program “could be unlimited” and decisions about potentially far greater sharing of solvency risks should be taken by governments or parliaments, not by central banks, it said.

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