House of Cards –

Instead of letting this inevitable breakup happen, the ECB’s current policy is to bring the whole ship down if this temporarily saves it from extinction. This is a perfect example of Robert Burn’s “The best laid schemes o’ mice an’ men.” The ECB was set up to be an independent central bank. This was intended to reduce the political pressures on monetary policy. Yet independence did not protect monetary policy from the personal interests of individuals running it. When it comes to the ECB or, for that matter, any central bank, the personal interests of those running monetary policy will always trump the much larger public interests!

via House of Cards –

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