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ECB will take a long time to normalise policy: Weidmann

ECB will take a long time to normalise policy: Weidmann
German Bundesbank President Jens Weidmann delivers a speech during a dinner of the Hellenic Bank Association in Athens, Greece, August 30, 2018. REUTERS/Alkis Konstantinidis   -   Copyright  ALKIS KONSTANTINIDIS(Reuters)
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BERLIN (Reuters) – The European Central Bank will take a ‘long time’ to fully end stimulus and normalise policy, Bundesbank President Jens Weidmann, a frequent critic of ultra-loose policy, said on Wednesday.

“Concerning central bank interest rates, we have said that we’ll keep them on hold through next summer, then envisage a rate rise,” Weidmann said in Berlin. “So you see, it will take a long time before monetary policy returns back to a normal.”

The ECB plans to end its 2.6 trillion euro bond purchase scheme known as quantitative easing in December but promised continued support through low rates and an oversized balance sheet for years to come.

(Reporting by Paul Carrel; Writing by Balazs Koranyi; Editing by Thomas Seythal)

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