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Yes, Central Bank independence cuts both ways.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Thu Feb 14th, 2013 at 02:02:07 AM EST
[ Parent ]
Somehow, I'm sure that they would suddenly find arguments to change the ECB board as they had evidently betrayed their mandate.

Which is not to say it should not be tried (or that they would fully succeed). But the last 40-50 years (and maybe beyond that) have had a striking tendency of the laws being interpreted differently when presented with a right-wing or left-wing situation.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Thu Feb 14th, 2013 at 02:36:16 AM EST
[ Parent ]
I thought ECbankers were unimpeachable...

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Thu Feb 14th, 2013 at 03:24:17 PM EST
[ Parent ]
Imagine that tomorrow they all became (literally, not figuratively as now) brain-dead, while still alive. Do you doubt that a solution would be found to replace them?

Accusation of criminal treason would probably at least trigger a temporary replacement. Especially if they were to act in a not insanely far right wet dream commie way.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Fri Feb 15th, 2013 at 04:35:25 AM EST
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A memberstates parlament-appointed central bank borad can fire their CB boss (thus changing on of the heads at ECB), though the CB boss has the right to appeal that to the Court. So that is the mechanism, but in order to affect ECB decisions a majority of euro-states must do it at roughly the same time.

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by A swedish kind of death on Fri Feb 15th, 2013 at 09:48:18 AM EST
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There's a fundamental contradiction between the doctrine of CB independence and the insistence on a tight definition (and the tightest interpretation of that definition) of what the CB is allowed to do.
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Feb 14th, 2013 at 04:00:42 PM EST
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The doctrine of central bank independence has always been a shell game designed to protect Lysenkoist idiocy from public censure.

There is no contradiction at all in enshrining far-right policies into the constitution and then setting up an economic junta which is unaccountable as long as it enforce those policies.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Feb 14th, 2013 at 04:13:24 PM EST
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No contradiction at all -- from the point of view those who wish to impose those far-right policies.

But for the majority of public opinion in Europe today, the contradiction between the doctrine of independence and the fact of tight limits on independence should be a perfectly perceptible one -- if it were given sufficient play, of course (admittedly not easy to bring about).

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Feb 14th, 2013 at 04:20:07 PM EST
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