European Central Bank Politics

Central banks are supposed to be completely independent. The European Central Bank or ECB took this position until recent years.

Thanks to the Greece, Irish, and related European Union bailouts, the central bank no longer is an independent vehicle.

In Great Britain, the Bank of England is a centuries older counterpart. The BOE, too, has always been entrusted with being an independent, non-political, overseer of the British pound. But the BOE now is also in the management game.

Americans are no better off. The Federal Reserve slowly but surely lost its independence as well, as I have commented over recent years. ( See the Earl J Weinreb NewsHole® comments.)