"The
ECB has gained enormous power, even though it is not answerable to
any parliamentary control. I take a critical view of this"
Isabel Schnabel told the Sunday newspaper Frankfurter Allgemeine
Sonntagszeitung
Isabel
Schnabel is one of the German government's key economic advisors. She
is a member of the German’s government's panel of economic experts
that used to be known as the "Five Wise Men" until women
joined it.
According to
Isabel Schnabel the ECB has also become more political. The ECB "has
also come more political. But that's because politicians have
frequently failed to act and thereby forced the ECB to do so"
she continued. "The central bank has become a quasi-political
institution. It's important that we move away from this".
"What
also worries me is that the aim of this criticism was to politicise
the ECB even more. Calls for Germany to be given greater voting
weight (on the ECB's governing council) and to have greater direct
influence on the ECB go in precisely the wrong direction"
the expert said.
A group of
professors and entrepreneurs filed a complaint against the European
Central Bank's monetary policy this week at Germany's top court, the
Welt am Sonntag newspaper said.
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