Juergen Stark is set to announce his retirement as chief economist of the European Central Bank (ECB), according to several market reports.

Stark was due to remain at the ECB until May 2014. He is seen as an advocate of higher interest rates and was opposed to the ECB/NCBs bond buying program. During a Sept. 4 call, Stark expressed his strong opposition to the program, which was expanded last month when the ECB started buying Italian and Spanish bonds, according to a Bloomberg report.

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