Weidmann wishes Italy success on reform program

'I wasn't meddling, but speaking from a European standpoint'

(ANSA) - Berlin, July 17 - German central bank president Jens Weidmann on Wednesday wished the Italian government well in its planned structural reforms. Weidmann's comments came just weeks after he called for "fewer words and more deeds" from Italy, sparking remarks from Italian Premier Matteo Renzi that the Bundesbank shouldn't meddle with Italian politics. "I commented on the obvious: the significance of solid finances and binding budget rules for a stable euro," Weidmann told Die Welt daily. "As a member of the European Central Bank it's my job to take a stand from a European perspective. That's not unjustified meddling in a purely national matter," he said.

The German central banker went on to say that necessary reforms tends to get delayed whenever a politician or a party falls out of popular favor in the short term. "As a central bank, we have a vested interest in maintaining the rules of stability," Weidmann explained. "The crisis is proof of where we end up when countries don't respect treaties and lose faith".

Monetary policy has bought time for governments to enact structural reforms and balance their budgets. If lawmakers waste this time, the debt crisis could well make a comeback, he warned. "Calling for the rules to be respected is not the same as knocking the bottom out," Weidmann said.