“Actually, the ECB is currently in breach of Article 127 (clause 5) of the Lisbon Treaty obliging it to contribute to “the stability of the financial system”. The first duty of every central bank is to avert disaster.”
Some bits of this are disingenous Ambrose:
A) Depends what you mean by “a central bank”. In the usual sense, the ECB is NOT a central bank, much as Borroso and the utterly incompetent, arrogant, undemocratic EU elite would prefer it to be.
B) Maybe this pseudo “central bank” IS supposed to “contribute” to “the stability of the financial system”. But “contribute” does not mean “ENSURE”. Neither does it mean “Pass the debt on to Germany and/or mutualize it” and so on.
As far as I understand it, the ECB is ALREADY acting OUTSIDE ITS MANDATE by doing what it has done. In other words, like everyone else, it has BROKEN THE RULES.
Frankly, I am tired of the rules being A) made without consulting the peoples and B) routinely broken.
Spain is in this mess because of the utter greed and corruption of Spanish banks and politicians allied to the surreal incompetence of the previous government – and of course of the bloated, wasteful EU.
(SIX BILLION EUROS AND COUNTING ON A FATUOUS AND USELESS DIPLOMATIC SERVICE THAT HAS PLACED THIRTY-SIX EU STAFF ON THE ISLAND OF BARBADOS.
THREE HUNDRED MILLION ON A NEW PALACE FOR A TOTALLY USELESS “PRESIDENT”))
Sometimes I wonder Ambrose what you exactly expect the ECB to do? Why SHOULD the Germans ruin their economy to bail out these surreal disasters down south? They will NEVER reform if they get bailed out. NEVER. And their economies CANNOT be forced into the straitjacket of the euro without political union and a REAL central bank, which NO SINGLE EUROPEAN HAS VOTED FOR.
Not ONE of the 450 million Europeans has voted for this project rammed down our throats by Borroso et al.
It is FASCIST, STUPID and ARROGANT BEYOND BELIEF.