Outgoing Allianz CEO blasts ECB bond purchase plan

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The chief govt of Europe’s largest insurer, Allianz, on Thursday blasted the European Central Financial institution’s ultra-cheap cash coverage as a menace to the only forex’s cohesion and a driver of additional monetary market ructions.

“We’re very skeptical about this coverage of ‘low-cost cash’ within the euro zone,” Diekmann stated in remarks on the insurer’s 2014 outcomes earlier than he turns over the corporate’s helm to Oliver Baete in Might.

“Its advantages are controversial; from a political perspective, it has the potential to blow the cohesion of financial union to items and it additionally triggers additional turbulence on the monetary markets,” he stated.

The ECB is making ready to start shopping for euro zone authorities bonds in an effort to assist kick-start the bloc’s flagging financial system.

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