POSTS BY Hjalte Lokdam

Is the European Central Bank Becoming a Central Bank for the People of Europe?

In February 2016, while David Cameron and the other EU-leaders were busy negotiating the terms of Britain’s membership of the Union, the European Central Bank (ECB) did something curious. It changed its self-description on its website from: the ECB “is the central bank for Europe’s single currency, the euro” to: the ECB “is the central bank for the euro area” and “of the 19 European Union countries which have adopted the euro.” The ECB, it seems, confines itself no longer to being the central bank of a free floating currency, defying and denying national specificities and territorial borders. Furthermore, its governmental activities are no longer limited to governing the currency: it claims to govern for the euro area as a central bank of the 19 euro countries.

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