Europe’s Central Bank at Sea
Had the ECB known at the start of Europe’s debt crisis that the endgame would be neither simple, nor orderly, it might have resisted risking its balance sheet and reputation. Then again, it probably could not have done otherwise.
https://prosyn.org/Yu152cx
NEWPORT BEACH – Central bank purists are confused. How can the European Central Bank, a Germanic institution, now be in the business of buying government bonds issued by five of its 17 members? Why is this monetary authority acting like a fiscal agency? Isn’t the ECB supposed to be a politically independent and operationally autonomous institution committed to fighting inflation and safeguarding the currency?