ECB must respect mandate: Bundesbank's Weidmann

FRANKFURT (MarketWatch)
The European Central Bank must remain aware of its independence and is "obliged to respect" and not exceed its own mandate, Bundesbank President Jens Weidmann said in an interview conducted in late June for the German central bank's internal magazine and published on its website Wednesday
Weidmann, as head of a national central bank, is a member of the ECB's Governing Council, which meets Thursday
ECB President Mario Draghi last week said the institution would do whatever was needed within its mandate to preserve the euro, stoking expectations for renewed bond purchases by the ECB
The Bundesbank has opposed such measures in the past. In the interview, Weidmann said the Bundesbank has more influence than other national central banks on policy
"We are the largest and most important central bank in the euro system," he said