February 11, 2020 / 4:40 PM / 17 days ago

Germany's new ECB appointee defends easy policy

FRANKFURT, Feb 11 (Reuters) - Germany’s new appointee to the European Central Bank’s board, Isabel Schnabel, defended the ECB’s easy policy, saying that the euro zone would be been worse off without it and it was up to others to counter side effects.

“In the absence of these monetary policy measures, the euro area’s development would have been much weaker,” Schnabel told an audience in Karlsruhe, Germany.

She added: “It is primarily up to other policymakers to counter... side effects. Distributional issues lie in the remit of fiscal and social welfare policy. And containing risks in the financial system is a task for financial market regulators and supervisors.”

Reporting by Francesco Canepa Editing by Balazs Koranyi

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