Comments on the mandate of the European Central Bank

The mandate of the ECB was given on the basis of an erroneous blueprint for EMU. We also believe that the ECB has shortened the mandate and interpreted it in a problematic way.

At present, the ECB is experiencing difficulties in achieving the objectives it has set itself. The aggressive pursuit of these objectives gives rise to harmful economic side-effects. In order to prevent the collapse of EMU due to its design flaws, the ECB has considerably extended its mandate and, in our view, has exceeded the limits set out in its statutes. Ultimately, the ECB's dilemma is that it cannot exercise its mandate properly and in accordance with the Statute because of errors in the construction of EMU.

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