The Euro version of QE is even more ineffective than those manifestations from SCI's
Oct. 17 (Bloomberg) -- European Central Bank President Jean-Claude Trichet rebuffed Bundesbank President Axel Weber’s call to terminate the bond purchase program, saying the “overwhelming majority” of the bank’s 22-member Governing Council still backs the buys.
Asked in an interview with Italian newspaper La Stampa whether the program didn’t work and should be scrapped, he responded: “No! This is not the position of the Governing Council, with an overwhelming majority.”
Weber, who also sits on the ECB’s decision-making council, said on Oct. 13 that the bond-purchase program should be stopped. The remarks, the strongest from any ECB official advocating a removal of stimulus, came as governments and banks in Ireland, Portugal and Greece struggle to convince investors they can fix their budgets and balance sheets in the aftermath of this year’s sovereign debt crisis.