The European Central Bank will start phasing out the measures it took to boost liquidity at the height of the crisis and it cannot cater to the needs of individual countries with problems, Axel Weber, ECB governing council member, told CNBC Wednesday.
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“It is the normalization of our liquidity framework. We cannot take in our decisions developments in certain parts of the Union, because we do not have tools for that,” Weber told “Squawk Box Europe.”
But the economy is still not standing on its own feet, so fiscal and monetary expansionary measures must be withdrawn only gradually, he added.
Critics of the European Monetary Union said the euro’s straightjacket was hurting weaker members such as Greece, Ireland and Portugal, which struggle with high debt and weak growth and that they could benefit from a looser monetary policy.
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