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If the ECB has the independent authority to do that, they have the authority, as opposed to just leading the party line, since its the payments clearing function that is central to a central banks ability to function as the lender of last resort.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Dec 1st, 2010 at 10:44:23 PM EST
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