Top ECB officials push back against stimulus criticism

Staff Writer
Columbus CEO

FRANKFURT, Germany (AP) — Top officials of the European Central Bank are pushing back against criticism of their stimulus efforts from some politicians in Germany.

ECB executive council member Benoit Coeure said Thursday that "we have to act" to raise inflation toward the bank's goal of just under 2 percent.

Coeure reminded of the bank's independent status and said that "this is country where our independence should be upheld."

The ECB recently stepped up its injections of newly created money into the economy through bond purchases in an effort to raise inflation.

Conservative German legislators have reportedly criticized the bank's efforts as exceeding its powers and lowering interest returns for savers and pension programs. Finance Minister Wolfgang Schaueble was quoted as saying this week that ECB policy was "less favorable" for Germany.