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Then you'd discover the unfortunate truth. They who pay the bill call the shots.

There is simply no majority in Europe to give the EU that much power over money.

When the present crisis is over, the ECB will no longer be independent of Commission - which under askod's strategy eventually means Parliamentary - oversight.

We know this because the ECB is too thoroughly infested with quacks to reform itself from the inside, and it is key to resolving the present crisis. Ergo, the crisis can only be resolved when a power group external to the ECB seizes control of it. The most obvious group to do so is the Commission.

And once you have the printing press, you have the power of the purse, with the added pleasure of exercising it over the pitiful wailing of the gold bugs and deflationists.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Jul 23rd, 2012 at 03:14:03 AM EST
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More likely, when the present crisis is over the ECB will be a smoking crater and the Commission will be a shell of its former self if it exists at all.

The Commission is also thoroughly infested with quacks, also known as "mainstream economists trained after 1980".

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Mon Jul 23rd, 2012 at 04:39:57 AM EST
[ Parent ]


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