Buba's Weidmann: Eurozone crisis not over yet

FXStreet (Łódź) - In an interview for the French daily newspaper Le Monde, Bundesbank chief Jens Weidmann stressed that the crisis in the Eurozone hadn't ended yet, adding however that inflation and growth should be seen picking up gradually.

"Increasing competitiveness through weakening of the euro should not be the purpose of the single currency," he stated.

Weidmann also urged France to step up efforts to lower its excessively elevated public debt and set a budget example for other Eurozone Member States. He acknowledged the need for Germany continuing to stimulate growth in the area.

Furthermore, Weidmann suggested the ECB should wait with further adjustments to monetary policy until the impact of the measures implemented in June becomes evident.

As far as Bundesbank's reluctance towards ECB's sovereign debt purchases is concerned, the central bank chief said that "a strict interpretation of the eurosystem mandate is important to maintain price stability."