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I don't know what the formal chain of command is. But a couple of years ago, before the crisis, Italy suggested using its own central bank to run its own monetary policy. The ECB threatened to stop clearing payments with the Italian central bank if they did so, and the Italians backed down.

But I don't know how much of that was the typical theatre between Frankfurt and Silvio Corruptioni and how much of it was serious policymaking.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Dec 1st, 2010 at 08:44:20 PM EST
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