Sep 20, 9:24 AM EDT

ECB official says stimulus withdrawal should be no drama


Latest Business News
GOP report accuses watchdog of going easy on Wells Fargo

How major US stock market indexes fared Wednesday

US stocks wobble after Fed announcement, but close higher

Fed announces a start to modestly reducing its bond holdings

UPS will hire about 95,000 extra workers for holiday season

Latest News
ECB official says stimulus withdrawal should be no drama

Largest Nordic bank moves HQ to inside EU banking union

Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
Moody's: Egypt economy still recovering from 2011 uprising

ECB official says stimulus withdrawal should be no drama

OECD thinks eurozone will grow as much as US this year

Strong UK retail sales reinforces rate hike predictions

Strong UK retail sales give pound another boost

Portugal is upgraded out of junk status and its markets jump

Irma's damage a reminder of Florida economy's vulnerability

Activist who vandalized Wall Street bull statue is arrested

US retail sales dipped 0.2 pct. in August as auto sales fell

Norwegian foreign minister to head World Economic Forum

Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

FRANKFURT, Germany (AP) -- A member of the European Central Bank's rate-setting committee says that it is time to start phasing out the bank's bond-purchase stimulus efforts.

Klaas Knot, the head of the Netherlands' central bank and a member of the ECB's 25-member governing council, says in a speech released Wednesday that 12 quarters of growth in the 19 countries that use the euro means that "the main rationale for central bank asset purchases has disappeared."

ECB President Mario Draghi said Sept. 7 that the bank could offer plans at its Oct. 26 meeting for eventually ending its 60 billion euros in monthly purchases. Draghi has been cautious about stimulus withdrawal for fear of roiling markets.

Knot said that while ending the program posed "challenges" he saw "no reason to be overly dramatic."

© 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.