Presently, the ECB wants the power to dictate to all EU member states' banks of any size or specializing in any sector their reserves, interest rates, and policies. In Germany many smaller banks are not going for the idea, and yet, if Germany does get on board other EuroZone nations are economically doomed without a bailout or ability to get credit. An ECB upgraded central bank which is established without regards to fiscal responsibility cannot succeed. Let's talk.
If and when the socialist forces of the European Union decide to upgrade the European Central Bank, giving it more power to oversee all of the member banks, and try to set it up similar to the Federal Reserve in the United States, we are bound to see problems because it is starting out on an unsound socialist foundation. If however the ECB can put its best step forward using a free-market … Read More