I don't have a problem with that paragraph being dropped for the reasons you and others here have mentioned - it wasn't central to your argument and it deserves at least a 1000 word article all to itself.  But somehow, whenever economics is the starting or dominant frame of reference, the socio-economic and political implications always seem to come out as an unfortunate unintended side effect, rather that as a feature of the frame of reference being adopted.

If we started from the frame of reference that democratic legitimacy is all important; that a degree of egalitarianism or at least an attempt to at worst retain historic inequalities; that people, and especially young people coming into work age have a right to useful and rewarding employment; that European Union and cohesion requires that regional and class imbalances are gradually reduced; and that European educational, social, health and environmental standards and services are gradually harmonised - then we come up with an entirely different range of policy options, options more rooted in reality and human development, and options within which the ECB becomes a relatively marginal service provider rather than the main director of the enterprise.

Is it people or money which is at the centre of our thought universe?

Index of Frank's Diaries