ECB's Weidmann - "monetary policy is not a panacea"
FRANKFURT Nov 23 (Reuters) - Monetary policy is not a panacea and overburdening it is not the way to produce a lasting basis for strong and stable growth, European Central Bank policymaker Jens Weidmann said on Friday.
"If the house is burning, putting out the fire has to be the most pressing concern," he said in a keynote speech to a banking conference before adding that policymakers must beware that they are "not unwittingly preparing the ground for the next fire."
"Overburdening monetary policy ... cannot provide a lasting basis for strong and stable growth," Weidmann said. "The crisis has blurred the boundaries between monetary policy and fiscal policy."
"Monetary policy is not a panacea," he added.
- Malaysian plane presumed crashed; questions over false IDs |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysian plane crashed off Vietnam coast: state media