Germany's "wise men" panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred. The group, which advises the German government, said in a report published on Wednesday: "The bond buying program dismantles market discipline without establishing any political discipline in its place." In blurring monetary and fiscal policy, the report said, "the ECB is jeopardizing its credibility, because it is falling under the suspicion of monetizing sovereign indebtedness." ... (full story)