ECB's Weidmann: Full normalization of monetary policy will be a long path

Delivering a speech to an audience in Rottach-Egern, Germany, the ECB Governing Council member and Bundesbank Chairman Jens Weidmann, said that the full normalization of the monetary policy would be a long path.

Key quotes (via LiveSquawk)

All governing council members agree loose monetary policy is needed for the time being to support domestic price dynamics.

A rapid cessation of net asset purchases with a clearly communicated end would have been reasonable.

Sharp rate hike following long phase of low rates would be especially burdensome to banks.

Eurosystem has become largest creditor of members states, which holds a danger for politicising monetary policy.