November 8, 2017 / 10:13 AM / a year ago

German 'wise men' press ECB to tighten monetary policy

BERLIN, Nov 8 (Reuters) - The European Central Bank should wind down its asset purchases quickly and publish a strategy for normalising its expansive monetary policy, a panel of economic advisers to the German government said on Wednesday.

In their annual report, the five so-called “wise men” who advise the German government on economic policy said the ECB’s expansive monetary policy risks jeopardising financial stability and creating market volatility.

“In view of macro economic developments, the ECB should quickly reduce the purchases and end them earlier,” the so-called wise men, who actually number four men and one woman, said in their report.

Reporting by Paul Carrel and Joseph Nasr

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