Bond purchase frictions convinced Weber to drop out of ECB race

weber

Axel Weber, the outgoing president of the Bundesbank, on Saturday said his disagreement with the consensus view over the European Central Bank's (ECB) foray into the secondary markets underpinned his decision to step out of the race to succeed Jean-Claude Trichet, the president of the ECB.

In comments confirmed by the Bundesbank, Weber stressed the importance of credibility at the ECB to Der Spiegel, a German weekly, the day after his resignation from the Bundesbank was made public. "The

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