ECB Has No Plans to Withdraw From Troika Role - Source

By Tom Fairless

BRUSSELS--The European Central Bank has no plans to pull out of the so-called troika of international lenders that is overseeing the rescue programs for crisis-hit euro-zone states, a person familiar with the matter said Monday.

Reports in three German newspapers published late Monday indicated that top ECB officials are considering a withdrawal from the troika, amid fears over a possible threat to the central bank's independence from its role in implementing aid programs.

The German press reports are incorrect, and the idea that the ECB would pull out of the troika is "total rubbish," the source familiar with the matter said.

The source didn't rule out that such discussions have taken place within national central banks, but said the issue hasn't been a topic at meetings of the ECB's governing council. The European Commission and the International Monetary Fund are the other members of the troika.

Germany's Handelsblatt newspaper reported Monday that some euro-zone central bankers are afraid the ECB is getting involved in the fiscal policy of crisis-riven states, which it isn't mandated to do.

"The displeasure is so great that some high-profile ECB members are considering leaving the troika completely," Germany's Die Welt newspaper cited a person familiar with the situation as saying.

Germany's Bundesbank has repeatedly voiced concerns that the ECB has overstepped its mandate during the crisis, recently by pledging in September to buy euro-zone government bonds in potentially unlimited quantities.

Write to Tom Fairless at tom.fairless@wsj.com

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