On Sun, 2009-01-25 at 09:00 -0800, Jim Devine wrote: > Robert Gassler wrote: > > [EU] Monetary policy is of course independent of everyone except the > > bankers, though not I think as explicitly as in the US.< > > isn't the European Central Bank in many ways a reincarnation of the > German Central Bank, which saw inflation as the only sin?
ECB has many missions given by its founding treaty, including: http://www.ecb.int/ecb/orga/tasks/html/financial-stability.en.html << Financial stability monitoring The ECB, together with the Eurosystem, systematically monitors cyclical and structural developments in the euro-area/EU banking sector and in other financial sectors. The purpose is to assess * the possible vulnerabilities in the financial sector, and * the its resilience to potential shocks. The assessment is done in collaboration with the EU national central banks and supervisory agencies. They are all represented in the ESCB Banking Supervision Committee. Within the ECB, financial stability monitoring entails extensive involvement by several business areas (Financial Stability as coordinator, Economics, Operations, International and European Relations and Payment Systems). The outcome of this activity is published annually, for example, in the reports entitled “EU banking sector stability”, “Structural analysis of the EU banking sector” and also in the ECB’s Annual Report. >> But there like the Fed the ECB did nothing about enforcing sane lending, prefering instead to use its media power to fight unions trying to get higher wages after a long stagnation (eg: in Germany) rather than warn about overpaid workers in bank lending against bubble inflated assets and risking the "financial stability" of the euro area. Laurent _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
