The possible departure of Bundesbank chief Axel Weber is a turning point. It is therefore a turning point because it is a choice of direction for the future development. Weber was the only reminders of the Governing Council. He is the only one there made against the entry into the socialization of debt in the euro countries by the central bank. Even the introduction to qualitative easing of open market policy of the ECB was a mistake because this is the “zombie banks”.
The basic problem it is the over-indebtedness and it was not solved. The purchase of “junk bonds“ was “the crossing of the Rubicon,” as former Bundesbank President Helmut Schlesinger called. He has not made himself popular neither in France nor in the Chancellery. He embodied it in the best sense of the culture of stability of the Deutsche Bundesbank.
This strengthened the confidence in the past few decades. Now the competition is for the Trichet successor. For the stability of the euro, this decision is of fundamental importance. The ECB President is the voice and the face of the euro. Its public statements for the course determine this.
Even today, the Governing Council is dominated by the politics of the “doves“. Of course, one do not need go so far as Lord Dahrendorf, who said for monetary union: “The monetary union is a great mistake, an adventurous, daring and misguided goal that unites Europe, but also and splits it. “The guidelines are the independence and stability orientation of the central bank, limiting the debt policy of the participating States by the convergence criteria and the non-occurrence of the debt of another country.
ECB President Weber could correct this process. Now the “doves” take final power. Is all right so far but where is the conclusion and the solution? An economic government for the export controls sets wages and pensions. This may as FDP member unlikely to be their solution.
Let our people vote on an EU and euro-exit and the problem is solved. We need no Euro for export, no EU tutelage for freedom and prosperity. These are just some of the views, which people share.