Germany's Bundesbank president said on December 28 that Europe's current financial situation is not so bad and the country, which still holds the title of being Europe's biggest economy, is likely to face a good year this coming 2015. 

Jens Weidman from the European Central Bank's Governing Council said that the economy of Europe is about to get better and they are expecting growth in 2015, Business Insider reported.

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Meanwhile, the ECB is observing how the drop in oil prices could affect the inflation of the euro, which is currently situated below their goal of 2 percent. Even when the prices of oil remain to be low, growth is still going to be better according to Weidmann.

Despite the fact that Bundesbank has halved its growth forecast in December for Germany, the total result is not as bad as people would think. The interest rate stays at record lows of 0.05 percent for growth to happen, and there are policymakers suggesting the buying of sovereign bonds in bulk, it is an operation known as "quantitative easing", in order to boost the German economy.  

Weidmann, however is not in favor of such practice as he feels that this puts the Germany at risk of financing other countries in Europe who are currently hard up, and that they would eventually fail to maintain the stability of prices. He also feels that the prices of oil being low is already an economic stimulus program that has been tasked to them, and the point of adding a monetary policy that is questionable.

The impact of low oil prices for the past 3 months has created huge impacts globally, as the prices went down 40 percent to their lowest levels since the drop on 2008-2009.

Tagseuropean economy, german bank, German economy