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17 May, 2016

ECB has gained enormous power, says Berlin΄s economic advisor

"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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