Euro architect says ECB has ‘destroyed’ market discipline in Europe
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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on International
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
Lagarde warns fragmented world could be inflationary
“Multipolarity” could also raise global co-ordination challenges, ECB president says
BSP governor says Fed should be ‘more caring’
But Felipe Medalla says Philippines accepts reality of having to react to US monetary policy
Tech could shake up international monetary system – IMF paper
Inertia likely to maintain status quo in near term, but impact of technology “highly uncertain”
Georgieva backs flexible credit line for Morocco
IMF executive board to consider request for $5 billion facility
IMF raises borrowing limits amid ‘challenging’ environment
Managing director calls on members to contribute more resources
Stability under the 2% inflation standard is a chimera
An inflexible standard of value that lets the market decide how much money to produce would be superior, write Brendan Brown and Robert Pringle.