FRANKFURT--European Central Bank Executive board member Yves Mersch shot back against the belief that Germany got its way in the recent bailout deal with Greece. "I don't like it when it is said that Germany prevailed," said Mr. Mersch on a panel in Frankfurt.
He said that according to French newspapers, the French won "and if one reads international newspapers, it's not so clear who prevailed," he said.
The comments come one day after Greece's eurozone creditors agreed a third bailout deal for the country provided that Greece pass a number of reforms by Wednesday.
In his prepared remarks, Mr. Mersch, praising various accommodative monetary policies the ECB has undertaken, said the eurozone economy is slowly but steadily improving. He said this was "also thanks to our recent monetary policy measures. These measures were necessary, appropriate and they are effective."
"I am confident that the economic recovery will continue," he said.
The ECB's accommodative policy, especially its decision in January to start buying government bonds in a broad-based quantitative-easing program, has come under criticism in Germany.
Mr. Mersch repeated the ECB's mantra that its forecast of inflation in the currency bloc hitting the ECB's goal of just below 2% over the medium term assumes "that we will fully implement our purchase program."
He also reiterated that the ECB intends to maintain bond purchases until September 2016 and "in any case" until inflation adjusts sustainably. The ECB is buying 60 billion euros ($66.05 billion) a month in mostly government bonds in a program that started in March.
(END) Dow Jones Newswires
July 14, 2015 13:35 ET (17:35 GMT)
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