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ECB in Disarray - December 7, 2014

ECB in Disarray - December 7, 2014

5 Years ago | December 07, 2014 00:00:00

Who's in Charge?
ECB President Draghi disappointed the markets Thursday after the ECB policy board meeting with nothing New to announce on actions to stimulate growth in the Euro-area. There is no other major central bank in the world that would have dragged its feet for so long before acting. The problem is the structure of the ECB which is appears to be designed for inaction, because it operates on the basis of consensus decisions. Another problem is the disproportionate power Germany wields relative to the other "equal" nations in the collective. For example, we doubt that Greece has the same veto power over ECB decisions that Germany has. The divide within the central bank broke out into the open on Friday. Let's face it, the "one

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