UBS chairman Axel Weber, the former president of Germany’s Bundesbank, warned that central banks in Europe and Japan have reached the limits of monetary stimulus, weighing into an increasingly fractious debate in Germany over the European Central Bank’s easy-money policies.

"We are now at a point…probably [where] the net benefits of further monetary easing, in particular in Europe but also in Japan, are outweighed by the costs and side effects," Weber said on the sidelines of the spring meetings of the International Monetary Fund and World Bank.