With regard to the ECB and its European banking supervision, the accusation is made that the bodies and persons acting here are not subject to any control by the elected representatives of the people. This is seen as a violation of the basic rule of the democratic constitutional state, according to which all actors are accountable to the elected representatives who are elected by the people. – On the other hand, all institutions (without exception all) of today’s society can work properly only if the mass property of money is guaranteed. Money is, as it were, the blood of society. It therefore makes sense to allow the central bank to operate largely independently and on its own responsibility. As the subprime crisis and the subsequent financial crisis showed very clearly, the central bank is the only institution that can act immediately in an emergency situation (a critical, problematic, or striking set of circumstances that happens unexpectedly in the financial market and demands immediate action). – It is undisputed that the policies of central banks in general and the ECB in particular are critically followed on a daily basis by expert journalists in all media. It is also a proven fact that the opinions of academics – such as those of the German Council of Economic Experts – as well as the assessments of leading financial journalists are carefully noted and weighed within the ECB. – See Becket effect, influence prohibition, ECB minutes, publication, Governing Council, monetary functions, open-mouth policy, policy delay, poltergeist shadow state, transfer, veiled.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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