ECB's Weidmann dismisses need for more stimulus

President of the Deutsche Bundesbank Jens Weidmann speaks during a meeting in Rome, Italy April 26, 2016. REUTERS/Tony Gentile/File Photo

FRANKFURT (Reuters) - The European Central Bank need to give its existing policies time to work and its current expansionary stance is appropriate, Bundesbank President Jens Weidmann said on Monday, dismissing calls for further easing.

“One thing I want to stress: our definition of price stability requires that the targeted inflation rate is achieved in the medium term,” Weidmann told a conference in Frankfurt. “This gives us enough time to wait for the effect of the adopted monetary policy measures on prices.”

The ECB has cut rates deep into negative territory and bought assets in excess of 1 trillion euros to lift inflation, currently stuck just below zero.

“The current monetary environment requires no further easing,” he said.

Reporting by Balazs Koranyi; Editing by Andrew Heavens