DEBT FINANCING. Exclusive: Stark to leave the ECB about buying titles

FRANKFURT (Reuters)-member of the Executive Board of the European Central Bank Juergen Stark will resign from Office, because of a conflict about the controversial program purchase securities of the ECB, Reuters sources said on Friday.
The ECB confirmed Stark would be the second German to leave the Bank policymaker this year after exiting the Bundesbank Chief Axel Weber on February-a motion also stimulated by his opposition to the bond program.
The Bank, "Stark said he resigned for personal reasons, but two sources said Reuters was related to the purchase link that has rescued the Italy and Spain last month of the crisis and the euro and European stock markets fell in response.
Bond yield spreads, however, to the periphery fight of Europe were only slightly higher.
Stark's departure would be a blow to the ECB, whose experienced President, Jean-Claude Trichet, is due to retire at the end of October. Trichet will be replaced by Mario Draghi, Italy whose native has been under attack from markets.
"This is remarkable," said Manfred Neumann, professor emeritus of Economics at the University of Bonn and former thesis Adviser to the President of the Bundesbank Jens Weidmann.
"Stark held the same view of buy link as Axel Weber and current Bundesbank President. Is a position that all Germans have. This is a sign of enormous problems within the central bank. The Germans clearly has a problem with the direction of the ECB. "
Stark and Weidmann, along with two other members of the Governing Council 23 Members, against the resurgence of ECB bond-buy last month.
The ECB reactivated the program after a week of 19 pause to help hold down borrowing costs in Italy and in Spain.
The ECB is, however, worried that by purchasing titles sovereigns of Italy's third largest economy-eurozone-only is encouraging the Italian Government to slow down efforts to shore up its finances and has been angry with flip-flopping in Rome.
Stark, 63, had been a member of the Executive Board of six members of the ECB since June 2006 and held the influential economy portfolio.
His tenure in the Council, whose members form the Council of the ECB together with the heads of the National Bank of the euro zone, was until 17 May 31, 2014.
The news that shirk Stark comes amid sharp criticism of the ECB's actions by some economists and politicians in his native Germany.
Trichet took aim at France, Germany and Italy on Thursday to sprinkle the budget rules of European stability and Growth Pact, saying that this contributed to the fiscal mess that finally pushed the ECB to buy the debt troubled economies in bond markets.
"If we embarked on the SMP program (sulfite) ... was because the Governments concerned had not acted properly," he said in an impassioned defense of record of the ECB at its monthly news conference.
(Reporting by Andreas Framke and Alexander Huebner; written by Paul Carrel)

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