Tentacles of the Eurostate

[Brad De Long]

RE:
>Except that the EU barely exists as a political entity - they can barely
>choose the head of their central bank (and, by the way, the lucky Dutchman
>who will, Wim Duisenberg, thinks the Fed's practice of publishing highly
>sanitized minutes of their policy meetings is too open!).

Herr (Monsieur?) Duisenberg doesn't realize that the European Central Bank
will be a political entity that needs to carefully gather lots of political
support from a relatively wide circle if it is going to survive. One of the
good ways to do this is to deliver fast growth, low unemployment, and low
inflation. But the ECBs prospects (over the next decade at least) for doing
this appear... bleak.

But perhaps the best way is for the central bank head to marry a prominent
elite news personality. Then--from the TV's point of view--the central bank
head becomes one of "us" to be protected and coddled rather than one of
"them" to be cynically criticized.

Suggestions for an alternative spouse for Herr (Monsieur?) Duisenberg, anyone?

Brad DeLong