Europe’s on the way to being run by the officials of the European Central Bank
It’s a strange mix of bureaucracy, oligarchy and plutocracy, that likes to think of itself as noocracy—rule by the wise. What we need now is a new word for rule by central bankers, because .
The ECB has repeatedly been forced to step into political roles since the euro crisis began in 2010, and seems to have become accustomed to the idea.
To be fair to the ECB, it doesn’t have a lot of choice. It is increasingly stepping into a political role because the eurozone is badly designed, with no central authority powerful enough to enforce common economic policies across member countries.
When highly indebted big countries—Italy—run into trouble, the ECB doesn’t have the option of looking the other way and letting them default, because the survival of the common currency would be threatened.
James Mackintosh Wall Street Journal 23 July 23 2022
Kommentarer