News Headline Summary

Bundesbank says further Greek aid not task of ECB and German economic outlook to worsen as year ends

Says:
- Sees ECB bond buying as critical
- Government has let tax windfall slow pace of consolidation
- Calls for expansive German fiscal policy not justified
- Slowdown hurting export sector but whole economy could be hit

Update details:

- Last week Bundesbank's Dombret said ECB measures may leave difficult legacy for financial stability and sees cyclical and structural pressure on German bank profits.

Reaction details:

- No reaction is seen across asset classes following this report as these comments are in-fitting with those seen last week from German officials.

Print 11:00, 19 Nov 2012 - Economic commentary - Source: NDRC