Nowotny Hopes for ESM

Politics ♦ Published: September 10, 2012; 14:35 ♦ (Vindobona)

The governor of OeNB (Austrian Central Bank) thinks that the bond purchases are not sufficient. Politics must help ECB, he argues.

Nowotny Hopes for ESM / Picture: © Wikipedia / Christian Wirth (Wirthi)

For Ewald Nowotny, the bond purchase program of ECB is a “medicine with side-effects”.  However, Nowotny argues that ECB´s program is not enough without supplementary measures. Thus, politics must help ECB. “I really hope that the Eurpean Stability Mechanism comes into effect.” Otherwise, the countries would not be able to deepen their structural reforms.