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Tuesday, January 30, 2018

Democratizing Europe begins with ECB Nominations [feedly]

Democratizing Europe begins with ECB Nominations
http://economistsview.typepad.com/economistsview/2018/01/democratizing-europe-begins-with-ecb-nominations.html

This is from Thomas Piketty's blog, but it is a collective effort signed by a group of people (listed at the end of the Piketty post):

Democratising Europe begins with ECB nominations: While our eyes are glued to the interminable vicissitudes of the German Groko, a no less important story is playing out in Brussels, but has so far met with indifference. On January 22nd and February 19th, Eurogroup finance ministers will hold private meetings that will mark the beginning of a profound renewal of the European Central Bank executive board. The first big change will be the planned replacement of current Vice-President, Vitor Constancio. In the next two years, no less than 4 of the 6 members of the executive body of the ECB, Mario Draghi included, will be replaced.
All signs indicate that the future of economic, fiscal and monetary policy in eurozone countries is at stake in this series of nominations. ...
After a decade of crisis, the ECB is no longer the same institution that was drawn up by the Treaties...; it speaks on equal terms with the four other "presidents" of the Union (of the Commission, the Council, Eurogroup, and, finally, the European Parliament) when it comes to designing the political and institutional future of eurozone government, etc.
And yet, it as if the coming nominations are just another technicality. While there is in fact a rare occasion for leading parties and actors of representative politics to make their weight felt on the crucial issue of eurozone governance, everything seems set to keep nominations behind closed doors. ...
The nomination process does not have to be conducted in private. It doesn't have to be yet another game of European musical chairs. ...
First signatories...


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