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Considering that Germany is essentially the ECB -- no, it's not. As a lender of last resort, the ECB has failed. It has failed to acknowledge to lessons taught
by douglasisshiny 13y ago
Considering that Germany is essentially the ECB -- no, it's not. As a lender of last resort, the ECB has failed. It has failed to acknowledge to lessons taught by history; and it has failed to look itself in the mirror now. Germany reaped the benefits of having small economies join the EU; now they refuse to take full responsibility; hell, they refuse to even allow, say, 4% core inflation for a couple of years to help the struggling economies.
- claudius 13y agoYes, because they learnt the lessons from history and if there is anything that Germany wants to avoid then it is inflation. Furthermore, the ECB is controlled by a money-printing Italian and last time I checked, German influence in the ECB was extremely low, especially compared to the relative size of Germany within the EU.
- disgruntledphd2 13y agoI don't know if that is particularly true. The ECB has been obsessed with inflation since its inception, which is a particularly Bundesbank-like set of priorities. While the official political authority is delegated on a country basis, I suspect that most of the civil servants (i.e. the people who mostly make the decisions) are if not Bundesbank, somewhat influenced by that school of monetary thought.