Germany Pulls Back From Recent Overt Criticism of ECB

A recent apology to Mario Draghi by Germany’s top central banker has highlighted a pressing concern in the eurozone’s largest economy about the European Central Bank: that criticism of its monetary policies is going too far and risks creating a domestic backlash, the Financial Times reported. Jens Weidmann, the Bundesbank president, said sorry to Mr Draghi after a broadside against the ECB’s stimulus package in September, which was delivered in an interview with Bild, Germany’s best-selling newspaper. Bild portrayed Mr Draghi, who has now ended his term as ECB president, as “Count Draghila”, sucking dry the bank accounts of German savers. Mr Weidmann, who said in the interview that the ECB was jeopardising financial stability, later told Mr Draghi that he was “unhappy with the editorial placement” of the interview — though not with its content — according to a Bundesbank spokesman. Read more