The continuing economic crisis has revealed both the inadequacies and the limits of the process of neoliberal European integration. It is an integration centered on financial liberalization and a monetary union, which is itself enveloped by a mere replica of the German Bundesbank under the title European Central Bank. It is a recession-bias process that […]
Posts Tagged ‘European Central Bank’
Central bankers are taking over the EU
Nov 22nd, 2012 by Michael Meacher.Though little remarked on, there is a very striking difference between the ruthless approach adopted by the European Central Bank (ECB) to indebted sovereign States compared to its treatment of banks. When Portuguese banks declared they would not any longer purchase bonds if Lisbon did not seek a bailout, the Prime Minister was forced to […]
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European Central Bank defeats Germany, but can’t save euro
Sep 8th, 2012 by Michael Meacher.Draghi has finally won his battle with the Bundesbank to prevent the likes of Italy and Spain being bankrupted or driven out of the euro by winning the power at yesterday’s ECB meeting to buy up their bonds in unlimited amounts. That’s what the markets have been waiting for for ages. But there is a […]
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The odds for the euro are shortening in 2012
Dec 23rd, 2011 by Michael Meacher.The take-up by the eurozone banks of €489bn from the European Central Bank (ECB) ought to be good news as a sign that the ECB is now at last, having refused to do so in 2011, ensuring eurozone banks can fund themselves adequately next year. The ECB believes they will need €720bn of loans in […]
