The elitists central bankers are getting the fury doze which is usually reserved for politicians. And rightly so, given how important central bankers have become over the years without the kind of accountability faced by politicians.
It was really interesting to read this interview of Benoît Cœuré of ECB conducted by 2 members of protest group in Europe. It was published inc Süddeutsche Zeitung (SZ), so SZ is also asking the questions.
SZ: Mr Cœuré, have you ever taken part in a demonstration?
Cœuré: Since I’ve been working at the ECB, no. I have taken to the streets in the 1990s, including to campaign against the French government’s anti-immigration laws. But that was long ago.
SZ: For you, Mr Rätz, demonstrations are part of your job description. What is your mission?
Rätz: Mission is something of an exaggeration, but standing up for your views in public is part of democratic and civic action. Demonstrating is an important tool in this respect, and it should be used.
SZ: Mr Aschmoneit, you define the right to demonstrate very broadly and propagate civil disobedience. What justifies this right in your view?
Aschmoneit: I came to this interview by train. On the way, a respectably dressed man in his early seventies came over and I moved over so that he could sit down. But he didn’t want to. He said that he wanted the deposit bottle that was in the bin in front of me. A poor, old man who has to collect bottles to get by. This reminded me once again that what we are doing is legitimate, moving from protest to resistance. We will interfere with and obstruct the opening of the ECB’s new premises because what happens at the ECB is immoral. We want it to stop.
These protesters blame the ECB for the evils surrounding European economy. Some tough talks this:
SZ: Mr Rätz, what irritates you the most about the ECB?
Rätz: For us, it is the role that the ECB is playing within the Troika. Together with the International Monetary Fund (IMF) and the European Commission, the ECB pursued a policy that had dramatic – in some cases fatal – consequences in the crisis countries. In Spain, 400,000 people have been driven out of their homes; in Greece, almost one-third of the population no longer has access to the healthcare system and 40% of its people are poor. All of this is clearly linked to the Troika’s policy. It is therefore a bit ripe to say that the ECB only wants the best. I believe you, Mr Cœuré, as a person, but the ECB is contributing to division in Europe, and not to cohesion.
Aschmoneit: The IMF, which is not known for its left-wing extremism, says that saving is wrong. There is far too little investment. The International Labour Organization (ILO) says that the unemployment rate in the euro area has shot up and that one-quarter of the population is seriously threatened by poverty. The ECB is creating winners and losers from the crisis. Last year, the wealth of the rich in western Europe rose by 5.2%. The US investor Warren Buffett has said that there is class warfare and that it is his class, the rich class, that is winning. Your policy, Mr Cœuré, is geared towards reducing large portions of the population to poverty and safeguarding the profits of a few.
Rätz: It’s not all about the citizens of Europe for the ECB – they’re not even being asked. Let’s take Greece, for example. Since 2010, its economy has shrunk by 25%. This year, it is expected to grow by 0.7%, which is extremely little. We’re not going to live to see Greece recover. The people of Greece are not being asked about the Troika’s recommendations, even though the measures have a profound impact on society: salaries and pensions have been reduced, unemployment benefits have been cut and hospital care has deteriorated. That is not a policy for the people, it is a policy for the banks.
In the middle ECB member defends ECB saying usual things…so have skipped them,,
Usually such criticism is meant for the politician. We see politicians take on questions from protesters. I have never read a formal interview of a central bank by civil society protesters criticising the central bank. It seems as if central bankers have become the neo-politicians for the amount of media space they generate. Who really cared what central banks did around 15-20 years ago?People are now taking note on who is trying to call the shots in their economies.
Also interesting to see Coeure agreeing to be a part of the interview.