ECB will be checkmated by BUBA :Do not expect too much from ECB on QE

Bundesbank President Jens Weidmann Speak

"Soundness must not take a back seat to flexibility"

"These structural problems cannot be resolved by printing money," 

...'the role played by the Eurosystem under the Maastricht Treaty, which cemented the independence of the central bank. In return for this independence, however, the Treaty placed clear constraints on the Eurosystem's mandate, as reflected in the ban on the monetary financing of governments and the fact that central banks were prohibited from engaging in economic policymaking'...

"the line drawn between monetary and economic policy can vary in width," 

...' although central banks had played a significant role in preventing an escalation during the crisis, they could not take the place of the necessary adjustment processes...'

...'it was not enough to correct undesirable developments at the national level, because the crisis had also revealed weaknesses in the institutional framework of the euro area. It was important to reinforce the principle of individual national responsibility. The alternative to this would be a genuine fiscal union..., but there was no willingness right now to relinquish extensive national sovereign rights in fiscal policy matters. '

'... the principle of individual national responsibility ultimately meant that governments, too, must be allowed to fail financially, and that one of the key lessons of the euro crisis was therefore to place euro-area banks on a more robust financial footing.'

"Monetary policy cannot solve structural problems. Such problems can only be remedied by political means, through growth-friendly reforms."

http://www.bundesbank.de/Redaktion/EN/Topics/2015/2015_01_19_Weidmann_soundness_must_not_take_back_seat_to_flexiblity.html?startpageId=Startseite-E 

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