ECB board member warns of risks from excessive stimulus

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A prominent member of the European Central Bank's monetary policy council is warning about the risks of excessive stimulus and leaving interest rates too low for too long.

The remarks Wednesday from Jens Weidmann, who also heads Germany's national central bank, come ahead of a crucial March 10 meeting where the ECB will consider ramping up its stimulus.

Weidmann warned that side effects from prolonged periods of easy money and low rates "would be dangerous to simply ignore."

He said long periods of low rates erode bank profits and make it harder for them to pass on the central bank's stimulus to customers. And he said eurozone governments were not using the breathing space from stimulus efforts and low borrowing costs to reduce their budget deficits.