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By the way, this
the Central Bank cannot fund the treasury except in Germany
was snark. The NCBs still transfer profits to the Treasuries. What they cannot do is buy their debt at issue or give any other credit.

However, Central Banks are rather small and so are their profits. The equity of the Bank of Spain is €2bn and its profit is of the same order - about 0.2% of Spain's GDP.

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010

by Migeru (migeru at eurotrib dot com) on Thu Dec 2nd, 2010 at 02:58:39 AM EST
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