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The European Central Bank is controlled by its board of directors, who are appointed by the European Council. The European Council is just the assembly of the
by matt4077 8y ago
The European Central Bank is controlled by its board of directors, who are appointed by the European Council.
The European Council is just the assembly of the EU's heads of governments.
It's basically the same system as it is for the US' FED, or most other central banks for that matter. The only difference is that it's not a single head of state but the group of 18. But then again the US Senate also needs to consent for FED appointments, and it's a rather similar body of regional delegates.
It's also doubtful that the ECB had any meaningful choices since 2008. The low-interest, quantitative-easing policy is common among all the relevant central banks, including not just the US but also Britain or Japan.
- RobertoG 8y agoSo, you are telling me, that the FED would allow something like what have happened to Greece, happen to a USA state? A crisis deeper and longer than the Great Depression? Or that they will thread to stop the payment systems if some state don't bend to their will like the ECB did [1]? Anyway, the problem is not the ECB, but the lack of a federal capacity. [1] https://www.yanisvaroufakis.eu/2017/03/14/the-campaign-goes-on-did-the-ecb-break-the-law-in-closing-greeces-banks-sign-the-petition-today/ https://www.yanisvaroufakis.eu/2017/03/14/the-campaign-goes-...
- matt4077 8y agoThey wouldn't allow it to happen to a state. But to Puerto Rico? Yes, very much so. To Detroit? Sure!