It is wise for the ECB to stick to its policy strategy and not let itself be impressed by criticism from Germany. The pressure from Germany for the ECB to end its expansionary policy stance prematurely has increased. The ECB is right to resist the pressure from Germany as the economic and financial risks for the euro area are still significant.
The ECB is only gradually getting closer to meeting its price stability mandate as in particular core inflation is still too weak. The risks of a premature exit are still higher than the risks of a delayed exit. The question is not whether the ECB will end its purchase program before December 2017, but rather how quickly it can reduce its purchases next year.
I am concerned about the ECB becoming instrumentalized by German politicians in the upcoming elections in order to stimulate an anti-European sentiment and to blame the ECB for domestic policy mistakes. It is wrong and detrimental of politicians to blame the ECB for Germany’s excessive current account surplus.