Bundesbank President Mr Ernst Welteke signalled today the European Central Bank would leave interest rates on hold for some time.
He also said the German central bank aimed to convert its gold reserves into more profitable investments in future.
"The ECB could continue its steady hand policy for the foreseeable future," Mr Welteke said in an interview with the Frankfurter Allgemeine Zeitung.
Mr Welteke, who is also on the governing council of the ECB, also said monetary policy could not counter external factors such as oil price developments.
"But if price pressures occur as a result of wage developments, then the ECB must be very vigilant," he said.
