The president of the Dutch central bank has told a television show he is not convinced of the need for the European Central Bank’s bond-buying programme.

Klaas Knot told tv show Buitenhof he is not sure about the ‘necessity and effectiveness’ of the plan. ‘Even if you believe it worked in the US, you cannot project its supposed success on the eurozone,’ he said.

The measure, he said is ‘abnormal’ and ‘heavy-handed’.

The ECB decided last week to spend €60bn a month buying up debt until September next year.

So far none of the big Dutch banks have said they will take part.