In contrast to what President Mario Draghi of the European Central Bank (ECB) said, there was a lot of resistance to resuming the buy-back program. Several countries did not like the move.
Klaas Knot of De Nederlandsche Bank (DNB), Jens Weidmann of the German Bundesbank and François Villeroy de Galhau of the Banque de France, among others, oppose the measure, writes Bloomberg news agency.
Apart from the Netherlands, Germany and France, Austria and Estonia also saw little in resuming the incentive measures. Furthermore, members of the board Sabine Lautenschläger and Benoît Cœuré were not in favor of the plan.
During Draghi’s eight years at the helm of the ECB, there has rarely been so much resistance to a policy decision. The Italian will hand over the baton to Christine Lagarde at the end of next month.