The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
Of course your plan is even more of pipe dream.
Oh, I don't expect the extortion to actually change ECB policy.
But when they default, that will cease to be Ireland's problem, and the Germans who get burned can take it up with Messrs. Stark and Weber, who bear the lion's share of the blame for the ECB's stupidity.
But on the ECB: There are 16 member states of the ECB. If they wanted, they could send 16 Keynesian economist to Frankfurt. They don't do this. Instead they blame the ECB, a beast of their own creation.
Oh, but that is the whole point of this strategy: Pressure the -zone countries into sending loose-money governors to the ECB.
That said, it really is undignified seeing you try to fob the blame off on someone else - anybody else - other than the last twenty years of German policymakers. The inflation mandate was a German idea - in fact, a German condition for joining the in the first place. So was the General Stupidity Pact, by the way. And there is no doubt that German policy positions wield a disproportionate influence in the ECB. For that, you only have to look at its actual interest rate policy over the ten years of its existence as a functioning central bank: They have consistently favoured German macroeconomic policy at the expense of the interests of peripheral countries.
When you follow the money, you end up in Frankfurt.
Friends come and go. Enemies accumulate.
by Frank Schnittger - Oct 16 22 comments
by Frank Schnittger - Oct 17 67 comments
by Frank Schnittger - Oct 12 30 comments
by Frank Schnittger - Oct 2 34 comments
by fjallstrom - Sep 29 41 comments
by Frank Schnittger - Sep 30 21 comments
by Frank Schnittger - Sep 26 2 comments
by Oui - Sep 23 10 comments
by Frank Schnittger - Oct 1767 comments
by Frank Schnittger - Oct 1622 comments
by Frank Schnittger - Oct 1230 comments
by Frank Schnittger - Oct 234 comments
by Frank Schnittger - Sep 3021 comments
by fjallstrom - Sep 2941 comments
by Frank Schnittger - Sep 262 comments
by gmoke - Sep 24
by Oui - Sep 2310 comments
by Luis de Sousa - Sep 223 comments
by Cat - Sep 1422 comments