ECB's Weber warns against withdrawing rate cuts too quickly

Despite an unexpected gain in Germany and France's GDP last quarter, I found some refreshing comments coming from a top European Central Bank policymaker in a Financial Times article published yesterday that indicated the central bank won't be pulling the rug out from under its stimulative policy anytime soon.

Axel Weber, Germany’s Bundesbank president, said, "The recovery we are now seeing is based largely on public sector support measures – the loose monetary policy, help for the banking sector and the stimulus package."

Weber went on to say that it's too early to start pulling back on the stimulative monetary policy because "the economy is not yet standing on its own feet, and the financial markets are still reliant on central bank help.”

That's good news for a central bank that has been traditionally very hawkish and almost completely focused on inflation.