EUROPEAN Central Bank (ECB) Executive Board member Juergen Stark will step down from his post, because of a conflict over the ECB’s controversial bond-buying program, media reported Friday.

    The ECB confirmed Stark would be the second German policymaker to leave the bank this year after Bundesbank chief Axel Weber quit in February — a move also spurred by his opposition to the bond program.

    The bank said Stark had resigned for personal reasons but two sources told Reuters it was related to the bond-buying that has rescued Italy and Spain from crisis over the past month and the euro and European stock markets fell in response.

    Bond yield spreads, though, for Europe’s struggling periphery were only slightly higher.

    Stark’s departure would be a severe 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, whose native Italy has been struggling economically. (SD-Agencies)