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Weidmann is going around and gives speeches where he basically argues that the ECB should not fulfill its Mandate, to force specific political decisions upon various European Governments!

This needs clarification. It is hard to imagine that he means PIGS should not be cutting public services, and I rather doubt that he is concerned that countries are not meeting inflation targets.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Dec 1st, 2014 at 10:34:14 AM EST
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His concern is that certain countries are not implementing required reforms with enough alacrity, surely?
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Dec 1st, 2014 at 10:45:32 AM EST
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Well, I am pretty certain he does not oppose 'austerity' measures as contingent requirements to ECB or Troika bailout measures.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Dec 1st, 2014 at 10:54:11 AM EST
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What is unclear? In order to force PIGS to do what he wants, he wants the ECB not to fulfil its Mandate.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Mon Dec 1st, 2014 at 11:15:45 AM EST
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A naive reader might assume that Jens has had second thoughts on the wisdom of enforced austerity - depending on how much they know about him.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Dec 1st, 2014 at 11:20:24 PM EST
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After all, when I think of Germany, the ECB and the Troika I cannot avoid thinking of the influence over policy held by the Bundesbank and how it has used that influence self righteously to force austerity on the periphery. The devastation wrought by enforced austerity in the most outstanding and noteworthy result of its efforts to enforce its Mandate. Thus, when I read: 'Weidmann is going around and gives speeches where he basically argues that the ECB should not fulfill its Mandate, to force specific political decisions upon various European Governments!' my first reaction is 'WTF', not enforce its Mandate'? It is Germany's Mandate'> But of course he is simply being hypocritical. He must be referring only to such minor aspects of that Mandate as enforcing the minimum inflation requirements. (How long has it been since the Eurozone has had inflation equal to or greater than 2%?) Weidmann decides for himself and Germany which aspects of the EU and EMU agreements are to be enforced and which neglected while denying that right to others.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Dec 2nd, 2014 at 10:43:56 AM EST
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The ECB is currently not fulfilling its mandate because its (self-defined) mandate is to keep inflation "below (but close to) 2% over the medium(-to-long) term" and it is failing on that score. The ECB should be reflating the economy, but it isn't.

That's what's meant by "Weidmann advocates not fulfilling its mandate".

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman

by Migeru (migeru at eurotrib dot com) on Tue Dec 2nd, 2014 at 10:46:25 AM EST
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Indeed. And that is certainly not a minor point.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Tue Dec 2nd, 2014 at 04:20:45 PM EST
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