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The interesting twist is that, for most of its existence, as fjallstrom noted, "the ECB is also the muscle behind the Commissions threats to any state that dares use fiscal stimulus."

Graeber:

What's more, tight money policies and the need to balance budgets having been used as the main weapon to chip away welfare-state policies in Europe, it has necessarily become the stake of political struggles between bankers and pensioners, creditors and debtors, just as heated as those of 1890s America.

So, what's changed? The EZ economy tanking and the ECB "wise men" realizing that loosening the money supply was the only way to avert a total meltdown?

The ECB is surely supporting ReformTM, but it looks like they have now parted ways with the absolutists in the German political class.

by Bernard on Thu Apr 28th, 2016 at 03:56:30 PM EST
In truth the ECB HAS to part ways with German foamers. Else they have to let the Euro fail. It is obvious to all but German foamers that the worst possible outcome is for the Euro to fail.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Apr 28th, 2016 at 11:16:32 PM EST
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Decoupling? Before tight monetary policy was used to batter workers and the welfare state into submission, because even with the Euro loose monetary policy would reduce funding constraint. After the near collapse, Cyprus and Greece that is less true.
Additionally the direct approach is much stronger than it used to be. Now either laws are dictated outright (Troika), parallel legislative and judicial systems are built(TTIP), and the whole neoliberal brain rot is being increasingly written into constitutions(debt brakes).
by generic on Tue May 3rd, 2016 at 03:45:18 AM EST
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