Philipp Roesler is the head of the Free Democratic Party, vice chancellor and economics minister in the German government. He supports the Bundesbank in its opposition to the ECB bond buying plan. He said,
Bond purchases cannot remain a permanent solution as they drive the danger of inflation.
From their lessons in school, Germans know that bond buying by the Reichsbank in the 1920’s led to hyperinflation and Hitler’s rise to power. These facts are ingrained in them just like Americans are taught that taxation without representation led to the Revolutionary War.
The Bundesbank was the guardian of the German Mark from the end of World War II to the adoption of the euro, and German citizens hold this institution in very high regard. By openly supporting Jan Weidmann, Roesler is playing to this sentiment. He is also setting himself up to take a crack at leading the German government if the ECB’s actions hurt the German voter.