Bundesbank calm over oil price surge

The current level of oil prices "does not represent a danger" either to the scenario of a gradual recovery of the eurozone economy or in terms of inflation, Weber told a news conference in Frankfurt.

Nevertheless, oil prices did constitute a risk factor and it would be necessary to "keep a close eye" on oil price developments, he added.

Weber said the high oil price was no more worrying at present than it had been last month, and had not altered the scenario for a gradual acceleration in economic recovery in the eurozone this year.

If signs were to emerge that high oil prices were having a braking effect on growth or a lasting impact on inflation, then the ECB would re-evaluate its monetary policy stance, the German central bank chief said.

But there were currently no signs that the high oil price would have any long-term implications for growth or inflation, he said.

"We have a rise in the oil price of around 10 dollars per barrel. The question is whether this is a lasting rise, whether this rise will remain in place for the whole year. If this were the case, we would be able to observe 'skid marks' in the economy ... not only in the domestic economy but also in the world economy," Weber said.

"If the data indicate that significant skid marks are appearing in the economy, and that the scenario of a gradual economic recovery is in danger, then one would have to react with monetary policy. But I don't see that at the moment."