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LTRO: Criminal Political Behaviour by Merkozy with Van Rompuy as the Marionette

 

Think about it, as LTRO triggers on the leap day TODAY, why is the Central Bank being forced to do this against its will? The European monetary transmission mechanism doesn't have an IMF-Equivalent; so not only is the euro a political mishmash at the concept level its a stool (sic) on two legs at the practical institutional level. 

EU Money supply is at rock bottom, the pump at the 'heart' of European money supply is on life support.

That 'life support' is LTRO from the Central Bank, right? The Central Bank should be independent right? It shouldn't be pumping up the very thing that it is chartered to control, that is perversity by definition right?

EZ politix is not a Western movie

 

did the Greeks call the referendum because they had advanced intelligence that the #EFSF would not be able to raise a cent?

EUROZONE SUMMIT: METRIC OF SUCCESS

Understanding what a Central Bank is for / The Boundaries of European Financial Institutional Architecture


WHAT IS THE METRIC OF SUCCESS OF THE FINAL EUROZONE SUMMIT CONCLUSIONS ?

 

The ECB's crisis response and government-bond purchases have sparked opposition in Germany

A sequence model of German / ECB relations 2010 thru 2011 from the WSJ

 

ECB Risk Management in Central Banking

Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB,
International Risk Management Conference 2011,
Free University of Amsterdam, 15 June 2011

Introduction [1]

It is a pleasure for me to speak at this International Risk Management Conference 2011, and particularly to contribute to this workshop on financial stability. In my remarks today, I would like to elaborate on two interrelated issues, namely financial stability and the risk management function in central banking.

The six candidates to race for the ECB top job

(11 February 2011) The head of the German Bundesbank, Axel Weber was long time as a hot favorite for the succession of ECB President Trichet. Now that Weber is out of the game, several candidates are mentioned. There is currently a huge uncertainty who shall take over the throne after Trichet leaves this Autumn. The EU heads of states should resolve this issue soonest and that usually means a compromise candidate. Will it be a "weak" candidate, as in the selection of Rompuy and Lady Ashton, or will it be a "strong" one who can ride the storm that will most likely hit the successor time and time again?

The rough politics of European adjustment

If Europe is going to “resolve” the current crisis in an orderly way, it is going to have to move very quickly – not just for the obvious financial reasons, but for much narrower political reasons.  I am pretty sure that the evolution of European politics over the next few years will make an orderly solution progressively more difficult.

For ten years I have used mainly an economic argument to explain why I believed the euro would have great difficulty surviving more than a decade or two.  It seemed to me that the lack or fiscal centrality and full labor mobility (and even some frictional limits on capital mobility) would create distortions among countries that could not be resolved except by unacceptably high levels of debt and unemployment or by abandoning the euro.  My skepticism was strengthened by the historical argument – no fiscally fragmented currency union had ever survived a real global liquidity contraction.

 

The Lonely Fight of Monetary Dogmatist Axel Weber - ECB Handling of Euro Crisis

The head of the German central bank, Axel Weber, is openly critical of the way the European Central Bank has handled the euro's debt woes. He is fighting to uphold purist monetary principles that are untenable in the current crisis. His chances of succeeding Jean-Claude Trichet as ECB chief are waning as a result.

Jean-Claude Trichet had chosen a complicated topic for his presentation. The president of the European Central Bank (ECB) stood on a podium in Frankfurt's Alte Oper opera house and talked about "macro-prudential regulation," "correlated risk positions" and "anti-cyclical capital buffers." These are dense subjects even for the bankers and financial experts in the audience, and a leaden sense of fatigue soon spread throughout the hall. Many listeners sank deep down into their seats, some stretched out their legs, and a few had drifted off to sleep.

Trichet finally mentions the European Debt Agency

In spite of recent decisions by European fiscal and monetary authorities, sovereign debt markets continue to experience considerable stress. Europe must formulate a strong and systemic response to the crisis, to send a clear message to global markets and European citizens of our political commitment to economic and monetary union, and the irreversibility of the euro.

This can be achieved by launching E-bonds, or European sovereign bonds, issued by a European Debt Agency (EDA) as successor to the current European Financial Stability Facility. Time is of the essence. The European Council could move as early as this month to create such an agency, with a mandate gradually to reach an amount of outstanding paper equivalent to 40 per cent of the gross domestic product of the European Union and of each member state.

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