ECB Needs Germany to Cooperate to Turn EU Economy Around

Mario Draghi, the ECB’s President, was pleading last Wednesday for a European Europe, in a closed-door session with a hostile group of German parliamentarians. He was fending off Berlin’s ceaseless attempts to capture the world’s only truly independent central bank.

Europeans are lucky to have a man of Dr. Draghi’s integrity and professional competence, a remarkable leader hailing from a country that is still home to Europe’s true believers.

Here is the background to this latest episode in the ECB’s long-running saga with German authorities.

Having thrown millions of Europeans into unemployment, poverty and destitution with the imposition of harsh fiscal austerity on countries already choking under recessionary pressures, Germany continues to challenge the ECB’s conduct of independent policies with instruments and credit intermediation channels that are strictly within its mandate.

via CBNC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza