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It's possible that the adults are in charge and the Eurogroup has become irrelevant.

Dean Baker: Time for the Fed to Take Over the European Central Bank's Job (Al Jazeera English via CEPR, November 28, 2011)

It would be bad enough if the ECB's incompetence just put Europe's economy at risk. After all, there are tens of millions of people who stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics. But the consequences of a euro meltdown do well beyond the eurozone.

...

Of course this sort of intervention will look horrible from the standpoint of the eurozone countries. It will appear as though they cannot be trusted to manage their own central bank and deal with their own economic affairs.

Unfortunately, this is the case. They have entrusted the continent's most important economic institution to a group of ideological zealots who are infatuated by the sight of low inflation rates even as whole economies collapse in ruins and tens of millions of people needlessly go unemployed.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Mon Mar 18th, 2013 at 07:59:35 AM EST
[ Parent ]
what? A Dean Baker column from late 2011 proves this? Last time I heard of him - last week or so - Dean Baker was a prophet in the wilderness in his own country.

 What's next, reading Chomsky to learn about the intentions of Obama?

by IM on Mon Mar 18th, 2013 at 08:31:11 AM EST
[ Parent ]
It doesn't prove anything. What I'm saying is that it is necessary that "the adults take control" and there weren't any in attendance at the Justus Lipsius building last Friday night.

What Dean Baker wrote in 2011 is even more true 18 months later: the Eurogroup cannot be trusted to manage its own affairs.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

by Migeru (migeru at eurotrib dot com) on Mon Mar 18th, 2013 at 08:40:59 AM EST
[ Parent ]

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