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It did. It effected a total isolation of weidmann in the ecb governing council.
by IM on Fri Sep 7th, 2012 at 05:58:46 AM EST
[ Parent ]
What explains the public disagreement between Jörg Asmussen and Jens Weidmann?

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Fri Sep 7th, 2012 at 06:01:38 AM EST
[ Parent ]
Easy. As a social democrat Asmussen gets his marching orders out of the Willy Brandt-Haus.

Seriously:

I think Asmussen is because of his long career inside the finance ministry more used to public diplomacy and the necessity of compromise. He is also used to support his boss in public, in this case Draghi.

Weidmann is more a product of the absolute and irresponsible Bundesbank culture.

Not much of an explanation but the best I can muster.

 

by IM on Fri Sep 7th, 2012 at 06:28:47 AM EST
[ Parent ]
A man who plans his career as a Bundesbanker can only win if the Euro and the ECB break up. A man who plans a political career in the next grand coalition has a different angle.
by Katrin on Fri Sep 7th, 2012 at 06:38:59 AM EST
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Yes, perhaps.
by IM on Fri Sep 7th, 2012 at 06:45:43 AM EST
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Four years too late.
by Colman (colman at eurotrib.com) on Fri Sep 7th, 2012 at 06:15:07 AM EST
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perhaps. But that is a matter of shifting majorities on the council, not mystical Bundesbank powers.
by IM on Fri Sep 7th, 2012 at 06:29:40 AM EST
[ Parent ]
The disproportionate political influence of the Bundesbank has been one of the core problems here. No one has ever put forward mystical powers, it's been a political problem.
by Colman (colman at eurotrib.com) on Fri Sep 7th, 2012 at 06:47:56 AM EST
[ Parent ]
What influence?

Weber (and Stark)

resigned. And Weidmann is outvoted again and again.

by IM on Fri Sep 7th, 2012 at 06:53:14 AM EST
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