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You're saying that Germany doesn't control the ECB I think. So I guess it's just coincidence that ECB policy has been consistently and primarily in favor of Ger
by borvo 11y ago
You're saying that Germany doesn't control the ECB I think. So I guess it's just coincidence that ECB policy has been consistently and primarily in favor of German economic interest, and has been an unmitigated disaster for everybody else. The trade imbalance is in part a symptom of this.
- DasIch 11y agoThe primary ECB objective is to maintain an inflation of 2%. Everything else is secondary to that. The ECB is currently making cheap money available. That's exactly what they're supposed to do and the only thing they can do, to reach their primary objective. This happens to help Germany economically but I don't see what else the ECB could possibly do that wouldn't help Germany economically. Also the German Bundesbank - famously paranoid about hyperinflation that definitely occurs any day now and starts the apocalypse - is strongly against the current ECB policy. So clearly the Bundesbank isn't controlling the ECB, not as much as they want to anyway. In any case focussing on monetary policy alone and maintaining a inflation of 2% can cause issues economically but is nevertheless agreed upon to be good policy. That's why the ECB is independent, to prevent people from influencing or controlling it at times like these. It's operating exactly as designed. Unless you're entertaining conspiracy theories, I don't see how one could argue that the ECB is controlled by Germany to somehow screw everyone else over for Germany's benefit. Disclaimer: I'm German.