The Bundesbank considers itself constitutionally bound to prevent the ECB gaining too much power through intervention in the Eurozone financial crisis, a scheme denounced by Jens Weidemann, head of the Bundesbank, as very dangerous: ‘since it would give politicians access to the ECB’s currency printing press – normally only allowed to central bankers’ (Spiegel 2011). But, after 1945, the allies enshrined a separation of powers between the banks and the German state in order to prevent the return of the ‘creative economics’ of the Weimar era: The German constitution demands political leaders govern collectively, sharing responsibilities – often in coalitions – rather than allowing the Chancellor to dominate. Neoliberal commentators are demanding the European Central Bank (ECB) actively intervene to stave off recession through Eurobond issues and quantitative easing measures. Abstract: Economic forces representing Anglo-America and Germany-Europa find themselves at loggerheads about how to keep European economies afloat.
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