Stimulus skeptic downplays China, oil risks for eurozone

A top European monetary official is downplaying the risks for the 19-country euro currency union from an economic slowdown in China and from low oil prices.

The remarks Thursday from Jens Weidmann come as the European Central Bank prepares to weigh expanding its stimulus measures at its next meeting March 10.

Stimulus skeptic Weidmann is head of Germany's central bank and sits on the ECB's policy council. He said in a speech that he saw "no indications of a steep economic collapse in China" but rather an adjustment of excessive share prices there.

Weidmann called cheaper oil "an economic tail wind" for consumers.

ECB head Mario Draghi has awakened expectations for action such as added bond purchases at the meeting — but faces skepticism about the benefits from some members.