ECB Leaves Lending Rates Unchanged at 1.5%

Thursday, 2 Aug 2012 | 7:45 AM ET

"It is not the job of the ECB to make the market for certain governments and not for others, they can do quantitative easing if there is a threat of deflation but that is obviously not the case anywhere at the moment but I don't think they should restart the S&P program," Volker Wieland, chair for monetary theory and policy at Goethe University Frankfurt, told CNBC.