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I think Draghi has been asked questions along these lines since early August when he announced the OMT programme and described its link with fiscal policy conditionality. See, for instance There Was An Amazing Exchange Between Mario Draghi And CNBC's Silvia Wadhwa (Business Insider October 4, 2012)
In other words, Draghi basically acknowledged the concern Wadhwa raised about political leverage by saying that it was justified in pursuit of the repair of monetary policy. And the monetary transmission mechanism is, of course, an ongoing concern.

The upshot is that it should be perfectly clear now that if the ECB's intent is to repair the mechanism, it is more than willing to discard notions of popular sovereignty to do it.

So, it may be reasonable to expect the ECB to wield more of its influence in Europe going forward as democracy becomes increasingly subverted by supranational policies and negotiations.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Oct 14th, 2012 at 06:25:09 PM EST
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