Eurogroup's Dijssebloem defends ECB on stimulus

(STRASBOURG) - Eurogroup head Jeroen Dijsselbloem Tuesday defended the European Central Bank against criticism that it should do more to stimulate the economy, saying it had already gone "far beyond" expectations.

"You cannot leave the economic policy up to the ECB," Dijsselbloem, the Dutch finance minister who chairs the group of 19 countries that use the euro, told the European Parliament in Strasbourg.

"The ECB is already far beyond what reasonably can be expected from monetary policy," he said.

ECB chief Mario Draghi has faced sharp criticism for falling short of market expectations that the single currency's central bank would aggressively ramp up its stimulus at its policy meeting earlier this month.

On December 3, ECB policymakers extended their quantitative easing programme by six months and cut the eurozone deposit rate to a record low, but investors had expected a deeper cut and an increase in the ECB's monthly stimulus from its current level of 60 billion euros ($66 billion) a month.

Dijsselbloem, who has no role in the ECB, hit back at the critics and said it was now up to governments to push through reforms that he said would jumpstart much needed growth in the eurozone.

"It is now up to politicians at the national level and European level to take their responsiblities," Dijsselbloem said.

His defence of the ECB fell in line with the opinion of economic powerhouse Germany, which has been reluctant to undertake further stimulus with the German central bank, or Bundesbank, in particular opposed to additional measures.

Growth remains a worry in the euro area, which has failed to regain levels reached before the debt crisis.

Data from last month showed the currency bloc expanding by an unexceptional 1.6 percent over 12 months, below the 2.25 percent seen in the United States.