ECB policy maker and outspoken critic of the bank’s president Mario Draghi, Jens Weidmann, warned against prolonging stimulus policies too long:

Regarding undue delay rolling back the ECB’s monthly asset purchase program, Weidmann was quoted by Bloomberg as saying “this can lead to political pressure being exerted on the euro-system to maintain the very accommodative monetary policy for longer than appropriate from a price stability standpoint. […] After all, in the context of these asset purchases, changes in monetary policy impact more directly on governments’ funding costs than interest rate moves.”

Weidmann added that sovereign bond purchases “are naturally also more problematic in view of the disciplining effect of the capital markets on government finances. […] This is a risk for the euro area in particular, as risk differentiation between the different countries is significantly reduced.”