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Vienna , 29 March 2012 Fekter appreciates ECB´s crisis policy "ECB ensures stability of the entire Euro-zone"

Minister Fekter had words of praise for the crisis policy of the European Central Bank: "The intervention of the ECB has ensured stability throughout the entire Eurozone. It was not originally envisaged that the central bank would buy up government bonds of euro crisis states. Yet this measure has been helpful and has contributed to stabilization on the financial markets," stressed Fekter. She had no wish to join in the sharp criticism expressed by the Deutsche Bundesbank of the ECB bond-purchase programme: "We Austrians do not want a soft currency either, and we have a similar philosophy to Germany, but our central bank is a touch more pragmatic than the Deutsche Bundesbank," continued Fekter. Since May 2010, the ECB has bought up bonds of euro crisis states such as Italy, Spain, Greece, Portugal and Ireland totalling EUR 218 billion.

  For its second three-year tender, at the end of February the European Central Bank provided a further EUR 530 billion to the European banks at the low interest rate of 1%. In December, the figure had only been just under EUR 500 billion. "Through these actions, the ECB has prevented a renewed credit squeeze. The task now is to ensure that, with so much money in circulation, it ends up in the real economy and does not become subject to speculation," concluded Fekter.