Oct. 17 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said the âoverwhelming majorityâ of the bankâs 22-member Governing Council still backs government bond purchases, rebuffing a call from Bundesbank President Axel Weber to terminate the program. Asked in an interview with Italian newspaper La Stampa whether the program didnât work and should be scrapped, he responded: âNo! This is not the position of the Governing Council, with an overwhelming majority.â Weber, who also sits on the ECBâs decision-making council, said on Oct. 13 that the bond-purchase program should be stopped. The remarks, the strongest from any ECB official advocating a removal of stimulus, came as governments and banks in Ireland, Portugal and Greece struggle to convince investors they can fix their budgets and balance sheets in the aftermath of this yearâs sovereign debt crisis. The risk of âexiting too lateâ is greater than the danger of âexiting too early,â said Weber in a speech in New York. The ECB started buying bonds in May as part of a European Union-wide push to rescue the euro after the Greek crisis threatened to undermine the 16-nation currency bloc. âThis non-standard measure, like all other such measures, was designed to help restore a more normal functioning of our monetary policy transmission mechanism,â Trichet said, according to a transcript of the interview published on the ECBâs website today. Trichet as Spokesman Weber is regarded by economists as a frontrunner to succeed Trichet when his non-renewable eight-year term at the ECB expires in just over a year. Trichet regularly characterizes his job as acting like a spokesman for the ECBâs council. âThere is only one single currency; there is one Governing Council, only one monetary policy decision, and one President, who is also the porte-parole of the Governing Council,â he told La Stampa. Weberâs fellow council member, Austriaâs Ewald Nowotny, also opposed terminating the program. âIt makes sense to use it as a safety belt,â Reuters cited him as saying Oct. 13. âI would not throw it away too early.â ECB Executive board member Juergen Stark said in an interview with Germanyâs Handelsblatt on Oct. 15 that the bank will keep buying government bonds âas long as necessary.â Still, in a speech at the same day he added the bond purchases are âtemporary in nature.â Trichet also reiterated that the current interest-rate level was âappropriateâ and that âexcess volatility and disorderly movements in exchange rates always have adverse implications for economic and financial stability.â http://noir.bloomberg.com/apps/news?pid=20601087&sid=aZx9wJ7l3mB8&pos=3 Weber, ..ck off. I am da Boss in the house !