Benoît Cœuré: Exchange of views on the ECB’s role in the troika


2 replies on “Benoît Cœuré: Exchange of views on the ECB’s role in the troika”

I think it is a pretty decent and honest account on what happened on an ad hoc basis, which was resolved reasonably well.

But it is also good that this is now replaced with the one legal and legitimate institution, the ESM, with proper voting regulations.

Looking back at the timing

Greek IMF request 4/23/2010

On 16 December 2010 the European Council agreed a two line amendment to Article 136

Portugal 4/8/2011

eviction of Papandreou and Berlusconi in 11/2011

english obstruction attempt of the ESM 12/2011

“Within our mandate, whatever it takes” July 2012

to bridge until the activation in September 2012 and “strict conditionality”

I see in conclusion precise, speedy political action.

I am fully satisfied with my politicians in this causa.

Worth to say in times it seems that every unknowledgeable person feels the need to critizise every politician.

It is bordering on comical that anyone he could say the following:

“When giving advice as part of the troika, we always attached importance to ensuring social fairness. This meant, in particular, an equitable sharing of the adjustment burden across society and overcoming powerful vested interests.”

….but there is little to laugh about when you see the Machiavellian cynicism with which he has punctuated this bunkum with the language of Masstricht as an almost subversive attempt to legitimise their actions as a democratic mandate. The people did not get what they voted for under Maastricht so we amended the rules so as to preserve the democratic intent. Disgusting.

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