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German economist Isabel Schnabel and Italian Fabio Panetta, who are expected to join the ECB's Executive Committee in early January, point out that the eurozone economy relies on the ECB's help and that negative interest rates, which have been criticized by banks, have benefited the economy.
The approval of a new round of stimulus plan by the European Central Bank in early September triggered unprecedented public discord among policy makers, which eventually led to the resignation of lautenschleger, the executive committee representing Germany. He opposed the multiple rounds of easing policy decisions of the European Central Bank, but failed.
"These decisions are justified by the fact that inflation pressures are falling, current inflation data and the medium-term inflation outlook are still far from the target of less than but close to 2%," Schnabel wrote in a written response to a question from the economic and Monetary Affairs Committee of the European Parliament.
Bundesbank President Weidman and Schnabel's predecessor lautenschleger are both opposed to restarting the bond buying program. The new round of bond purchase will be implemented indefinitely.
"The decision also reflects the difficulty of maintaining monetary stimulus when interest rates are close to the effective floor," Schnabel said, adding that she "fully agrees" with the view that there is a need for loose monetary policy.
Panetta, senior vice president of the Central Bank of Italy, expressed similar views in his response. In a few days, the two candidates will attend the confirmation hearing of the nomination of the economic and Monetary Affairs Committee of the European Parliament.


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