Ifo President Hans-Werner Sinn criticizes ECB’s decisions
Jun 5, 2014
Ifo President Hans-Werner Sinn has criticised the ECB's decisions. "This is a desperate attempt to use even cheaper credit and punitive interest rates on deposits to divert capital flows to southern Europe and stimulate their economies," Sinn said on Thursday in Munich.
"It cannot succeed because the economies of southern Europe must first improve their competitiveness through labour market reforms. Long-term investors, in other words savers and life insurance policy holders, will now foot the bill," warned Sinn.