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"Five wise" Germans ask the ECB to bring forward the end of the expansionary policy

The council of experts of the German Government, formed by the so-called "five wise men", today called for the early end of the debt purchase program of the European Central Bank (ECB) and refused to create a budget for the eurozone.

Berlin, Nov 8 (EFE). - The council of experts of the German Government, formed by the so-called "five wise men", today called for the early end of the European Central Bank debt purchase program (ECB) and refused to create a budget for the eurozone.

These are some of its positions with respect to the EU and the eurozone that are reflected in its annual report, presented in Berlin with its forecasts for this year and next and its proposals on economic policy for the German Executive.

First, the "five wise" believe that the ECB's monetary expansion program should be completed as soon as possible, considering that the economic situation has already improved in the euro area as a whole.

"In view of the larger ones growth and inflation rates and increasing risks for financial stability, the ECB should publish a normalization of monetary policy and end with the purchase of bonds before, " says the council in a statement.

Volker Wieland, one of its members, stressed in a press conference that "the eurozone is already growing above its potential" and that inflation is rising throughout the block, so "the ECB must react."

"We believe that they should end it," added Weiland, who also asked the monetary authority to present a "normalization strategy", that is, a road map of the ECB to get out of the expansive monetary policy.

In addition, the advisory council considered that "a reform of the European Mechanism Stability must never give rise to a financial transfer mechanism and that the conversion that is being proposed of this instrument to convert it into a European version of the International Monetary Fund is not necessary.

Neither are "mandatory" for the economic development of the bloc "neither a financial capacity for the eurozone nor an unemployment insurance community ", say the" five wise "in their joint statement.

What is in his opinion" essential "is" complete the banking union and capital, "but not in any way, because "a pooling of risks can only be carried out after a reduction of risks" in each of the member countries.

The council advocated in this regard for closing "the holes" in the banking settlement system and reduce problematic credits in financial institutions, as well as the link between States, before taking the step of a system common bank guarantees.

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