Euro architect says ECB has ‘destroyed’ market discipline in Europe

Otmar Issing. Photo: Mario Schmitt

The German economist who created the original architecture for monetary union in Europe has hit out at politicians and the European Central Bank (ECB), saying their combined failures to adhere to the rules set out in 1999 look set to bring "disaster" for the euro area.

Otmar Issing – a founding member of the executive board of the European Central Bank, with responsibility for the directorates of general economics and research between 1998 and 2006 – tells the Central Banking journal in an inter