UBS Chairman and former European Central Bank Governing Council member Axel Weber says the Federal Reserve’s plan to reduce stimulus will have a negative affect on the European economy. “The Fed is doing the right thing for the United States,” Weber, who headed the German Bundesbank until 2011, said in an interview with Bloomberg Television’s Mike McKee on July 12 at the Rocky Mountain Economic Summit in Jackson Hole, Wyoming. “That’s their mandate, but it’s undisputed that through transaction and arbitrage, it has spillover effects to other constituencies. It’s coming for Europe at an awkward point in time.” Fed ... (full story)