Ardo Hansson said the Central Bank must gauge the effects of measures it has taken.
The European Central Bank should refrain from weighing government-bond purchases for the next few months and instead wait to gauge the effects of stimulus measures it has already taken, the ECB Governing Council member Ardo Hansson, said on Wednesday.
The comments, in an interview with The Wall Street Journal, underscore the resistance among some members of the ECB’s rate council to quickly follow the path that other central banks in the U.S., U.K. and Japan have taken—buying large amounts of government bonds, known as quantitative easing, to raise the money supply and reduce borrowing costs.
“I don’t think we should in the next few months be considering things like public sector bond purchases,” Mr. Hansson, who heads Estonia’s central bank, said. “We should be studying them, we should know the ways of implementing—if necessary—but I think we need some time now to allow what I think are substantial packages of measures to show their effect over time.”
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