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I am sorry that due to lack of time I can not fully engage in this debate. Your argument has certainly merit.

But Euro or not, in the present economical situation I fear that radical monetary action will be necessary to stave of disaster. This will require a different set of rules for the ECB or any national central bank, with article 123 being the most important rule which needs to be changed.

Democratic control of the ECB might not actually produce my desired outcome of course. And I might be wrong on the economics, too!

But then let me also say that on a very fundamental level I think that the ECB needs to be an institution which is established by a law/directive of the EP.

It can in fact be established as independent. But the final say should be with the EP. I believe this fully independent of outcome. If we want to have a true pan European economy we need pan European democracy.

issues we fight over should not pit countries against each other, but political movements.

by rz on Thu Jul 16th, 2015 at 02:35:52 PM EST
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