May 17, 2017 / 8:46 AM / 2 years ago

ECB should exit unconventional monetary policy soon: German deputy Finance Minister

German Deputy Finance Minister Jens Spahn speaks during an interview with Reuters in Berlin, Germany October 4, 2016. REUTERS/Joachim Herrmann

BERLIN (Reuters) - The European Central Bank should begin unwinding its ultra-loose monetary policy soon if it wants to avoid damaging side-effects, German Deputy Finance Minister Jens Spahn said on Wednesday.

“Unless monetary policy starts normalizing soon, negative side-effects will become more damaging,” Spahn told a conference at the German foreign ministry.

“Regarding the euro zone, the ECB should be ready to exit the unconventional monetary policy not too late,” he added.

Spahn said there was too much public and private debt in the world and called for an acceleration of structural reforms, saying monetary policy could not solve structural problems.

Reporting by Noah Barkin; Writing by Madeline Chambers; Editing by Paul Carrel

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