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Compared to national central banks in the UK and Sweden, the ECB is a democratic black hole (Photo: Valentina Pop)

New ECB powers: the buck stops where?

When Alan Greenspan was chairman of the US Federal Reserve, visitors to his office were confronted with a sign on his desk which said "the buck starts here." It was a wry reminder of the power that the Fed wields in the world's largest economy - the power to print money.

It is the defining power of central banks the world over and the main reason that they jealously guard their independence from political pressure. One just has to look at hyperinflation in Zimbabwe to see what happens w...

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The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

Compared to national central banks in the UK and Sweden, the ECB is a democratic black hole (Photo: Valentina Pop)

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Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

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