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Hmmm, quite possibly severally, though I'm not sure about jointly.

This is quite possibly an issue that was inconceivable to the people who designed the system and framed the treaties, and if that's the case there is little guidance to be found either in the text of the treaties themselves or the records of the deliberations.

And given that the Eurosystem is, in institutional time, brand new, there is no precedent that can be sited.

So probably what it comes down to is: if an NCB decides it can create euros - and actually does so - then that will establish a precedent.

And if no NCB decides it can do so, that will set a precedent as well.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt št gmail dotcom) on Thu Dec 2nd, 2010 at 04:06:25 PM EST
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Crises are precedent-setting and the resolution tends to become the new normal.

Unfortunately, we seem to have idiots in charge of resolving the current crisis.

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 Fri Dec 3rd, 2010 at 07:08:58 AM EST
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