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The Power And The Impotence Of The ECB

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Steve Keen
Debt Deflation
Published : November 22nd, 2015
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Category : Opinions and Analysis

I’ve attended two conferences in two days where both the power and the impotence of the European Central Bank (EBC) have been on vivid display.

Its political power is considerable, both in form and in substance. At both seminars, the ECB speaker—ECB Board member Peter Praet at the first, and ECB President Mario Draghi at the second—spoke first, and then left. In form, the ECB has no need to defend its policies because it is unimpeachable in its execution of them. In substance, it does not even considering engaging with its subjects—I use the word deliberately—in open and robust discussion.

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Steve Keen is associate professor at the University of Western Sydney School of Economics and Finance. As an economist, he does something very unusual : he treats money seriously, and as a result he gets a very different result on how the economy operates.
WebsiteSubscribe to his services
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