Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I've been reading a lot of the commentary on this, and I am getting upset because as far as I can tell, everything here is getting the scope of the problem and potential solutions wrong. Badly.

Point the first: The certain problem - the one thing which absolutely has to be fixed - is the ECB, and the total immunity to normal political feedback it enjoys.

It is possible that other things are also wrong, but as long as the ECB is clearly wrecking everything there is no way to tell. The Euro might be fine with a saner central bank - there is just no way to tell as long as the board is nuts.

Maybe what we need is more expansionary works problems, or import controls, or whatever, but judging by recent performance, any government policy that actually worked, would get sabotaged by the ECB.

So, forget everything else. What is needed is a way to cause the ECB to give a rats ass about the consequences of its actions.

Boycotts (of the original, "noone will deal with or provide services to you, personally, for any amount of money" kind).
Arrange for their kit and kin to join the ranks of the unemployed.
Letter campaigns.
A popular initiative to repeal the formal independence of the bank. It should be quite possible to meet the signature requirements for this, and even if it has no chance of passing soon, it should focus their minds.

All of the above.

by Thomas on Tue Feb 12th, 2013 at 07:36:53 AM EST

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