Be careful what you wish for

I also could have titled this post “Wanting to have one’s cake and eat it too”. Because, you know, Armin Mahler is complaining in Spiegel that ECB Bond-Buying Plans Undermine Democracy:

Draghi, on the other hand, has no democratic legitimization. And yet he has taken it upon himself to make the most important and possibly momentous decision in the history of the monetary union: defending the euro at all costs.

Funny how the holy grail of neo-liberals is not so holy anymore all of a sudden. Because this is exactly what an independent central bank means: a group of people that have not been democratically elected and cannot be held politically accountable.
Allegedly, according to everything neo-liberals have told us over the years, such an institution is the prerequisite for (financial) “market confidence” because instead of bowing to politically pressure they make decisions based on their expertise.

Well, seems Mr Draghi is not bowing to German political pressure (anymore).

This entry was posted in economic policy, eurocrisis, macroeconomics, neo-liberalism, public debt. Bookmark the permalink.

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