German ECB official pushes back against simulative monetary policy

Bundesbank President Jens Weidmann continued his campaign to curb the ECB's ambitions.

"Instead of suggesting ever more reckless monetary policy experiments, it would make sense to pause," he told the Funke Mediengruppe newspaper. "Monetary policy is not a panacea, doesn't replace the necessary reforms in individual contries and won't solve all of Europe's growth problems."

Weidmann has long criticized expansive policies at the ECB but the Bundesbank has been unable to convince enough other countries to slow Draghi.

"Helicopter money isn't manna falling from heaven, but would rip huge holes in central bank balance sheets," he was quoted as saying. "The euro area states and taxpayers would pay the bill in the end."

His comments match with his longstanding preferences and won't be a factor in trading when markets reopen.