Jens Weidmann, Bundesbank PresidentPrice stability has been Germany’s new religion since the Second World War. It is the policy that made possible its miraculous economic recovery from the fire bombings and the invasion by Allied troops, most ominously by Russia. This policy experienced its heyday in the time period from the 1970’s to the 1990’s when Germany cemented its position as the leading economic power of Europe.
Germans feel threatened by the proposed new Head of the European Central Bank, Mario Draghi. They can’t trust anyone from the south of Europe, especially not the “pigs”. They don’t think southern Europeans have enough discipline to enact a policy that fights inflation above all.
What they like better is the new Bundesbank President, economist Jens Weidmann. He began his term, according to an article in Tuesday, May 3’s Wall Street Journal, “Germany’s Bundesbank Gets A New Inflation-Fighter”, promising to enact more anti-inflation moves just like his predecessor, Axel Weber.
Most Germans disapprove of the bailouts of the pigs such as Greece, Portugal, Spain, and Ireland. They don’t like to be saddled with having to pay for it, especially if it goes on and on.
Weidmann vows to express his views on inflation when he takes his seat on the European Central Bank board where he has one of twenty-three votes. But his influence and the influence of Germany is far greater than these numbers would express. His power is second only to the head of the European Central Bank since Germany is the economic engine of Europe.
Germans feel threatened by the proposed new Head of the European Central Bank, Mario Draghi. They can’t trust anyone from the south of Europe, especially not the “pigs”. They don’t think southern Europeans have enough discipline to enact a policy that fights inflation above all.
What they like better is the new Bundesbank President, economist Jens Weidmann. He began his term, according to an article in Tuesday, May 3’s Wall Street Journal, “Germany’s Bundesbank Gets A New Inflation-Fighter”, promising to enact more anti-inflation moves just like his predecessor, Axel Weber.
Most Germans disapprove of the bailouts of the pigs such as Greece, Portugal, Spain, and Ireland. They don’t like to be saddled with having to pay for it, especially if it goes on and on.
Weidmann vows to express his views on inflation when he takes his seat on the European Central Bank board where he has one of twenty-three votes. But his influence and the influence of Germany is far greater than these numbers would express. His power is second only to the head of the European Central Bank since Germany is the economic engine of Europe.