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German central bank chief warns of further easing of monetary policy

Xinhua, February 24, 2016 Adjust font size:

The German central bank on Wednesday warned that the further easing of the monetary policy in the euro could bring risks and side effects.

Jens Weidmann, president of the German central bank Bundesbank, warned that "it would be dangerous to simply ignore" the long-term risks and side effects in case that the already highly accommodative monetary policy would be eased further.

With regard to the euro area economy, Weidmann said the economic outlook looked rosier and the gradual recovery is likely to continue in 2016 and 2017.

The German economy is in good shape overall and private consumption was the main engine driving the economy in 2015, Weidmann noted, adding that domestic demand would continue to fuel economic activity in Germany in 2016.

The Bundesbank posted a profit of 3.2 billion euros (3.53 billion U.S. dollars) for the 2015 financial year, up from 3 billion euros in 2014.

Weidmann said that the higher profits had been driven by an improved net result of financial operations, write-downs and risk provisioning, while net interest income had declined. Enditem