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German central banker urges discussion of ECB liquidity exit

(Xinhua)

13:14, March 20, 2012

FRANKFURT, March 19 (Xinhua) -- A board member of German Central Bank Monday called for discussions on the exit of European Central Bank's (ECB) liquidity measures to avoid bubbles.

Joachim Nagel, a board member of the German Central Bank, Deutsche Bundesbank, was quoted by a German media as saying that the banks with money provided by the ECB in the form of three-year loans may take risks.

Nagel's remarks echoed Bundersbank President Jens Weidmann who is also a council member of the ECB. Weidmann said last Tuesday at a press conference that the council members were aware non-standard measures created risks.

Weidmann also disclosed that the council members already discussed ways of exit from crisis handling tools.

The ECB, in two operations since December, has lent over 1 trillion euros (1.32 trillion U.S. dollars) to banks at an interest rate of 1 percent. According to Mario Draghi, the ECB president, these moves had helped prevent a major credit crunch.

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