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Central bankers as economic hit-men | 24 comments (24 topical, editorial, 0 hidden)
Re: Central bankers as economic hit-men (none / 1)
European Tribune - Central bankers as economic hit-men
Anyway, MAFO's comments come the day after it is revealed that Spain's Central Bank basically botched a regulatory intervention in one of Spain's Cajas de ahorros

Presumably MAFO made his comments about Spain's fiscal policies and other matters outside his competence precisely to cover up and distract from the botched regulatory intervention in an area where he does have responsibility.

Trichet now appears to have more power to set national policies than all the other EU institutions - Parliament, Council and Commission - put together.   The move from democracy to marketocracy, from rule by and for the people to rule by and for the big money-men seems complete.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Dec 2nd, 2010 at 09:43:09 AM EST
Re: Central bankers as economic hit-men (4.00 / 2)
Oh, no, MAFO makes such comments every time he speaks in public...

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Carrie (migeru at eurotrib dot com) on Thu Dec 2nd, 2010 at 09:52:31 AM EST
[ Parent ]
Re: Central bankers as economic hit-men (none / 0)
Can Zapatero sack him or is he unsackable?

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Dec 2nd, 2010 at 10:23:47 AM EST
[ Parent ]
Re: Central bankers as economic hit-men (4.00 / 2)
He is unsackable unless he resigns:

Ley 13/1994, de 1 de junio, de Autonomía del Banco de España.

4. El Gobernador, el Subgobernador y los Consejeros no natos cesarán por las causas siguientes:

  1. Expiración de su mandato.

  2. Renuncia, que surtirá efectos por la mera notificación al Gobierno o, en cuanto a la condición de miembro de la Comisión Ejecutiva, por la comunicación al Consejo de Gobierno.

  3. Haber alcanzado los setenta años de edad.

  4. Separación acordada por el Gobierno, por incapacidad permanente para el ejercicio de su función, incumplimiento grave de sus obligaciones, incompatibilidad sobrevenida o procesamiento por delito doloso. A estos efectos, el auto de apertura de juicio oral en el procedimiento a que se refiere el Título III del Libro IV de la Ley de Enjuiciamiento Criminal se asimilará al auto de procesamiento. Salvo en el caso de procesamiento por delito doloso, el acuerdo de separación deberá adoptarse a propuesta del Consejo de Gobierno del Banco, previa audiencia del interesado.



Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Carrie (migeru at eurotrib dot com) on Thu Dec 2nd, 2010 at 10:34:27 AM EST
[ Parent ]

Central bankers as economic hit-men | 24 comments (24 topical, 0 editorial, 0 hidden)
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