Bundesbank head and ECB gov council comments from speech at a BUBA conference entitled " Turning points in history: How crises have changed the tasks and practice of central banks"

  • welcomes ELA no longer being used to finance capital flight
  • central banks should stick to narrow interpretation of mandate

Thinly disguised attack on Greece, And indeed the ECB, as we'd expect from Weidmann

  • it's up to govts to give ad hoc support for Greece
  • Eurosystem shouldn't raise liquidity provision for Greece

Full programme here

Weidmann - playing hardball again on Greece