Redesigning the ECB with regional rather than national central banks…

An interesting suggestion by Prof Michael Burda.

He says European System of Central Banks (ECB plus NCBs) should be redesigned like Fed:

Eurozone national central banks that take a national perspective risk politicising the ECB’s monetary policy. This column argues that this is a significant risk that should be overcome with a fundamental overhaul of the Eurosystem. A central element would be to take the ‘national’ out of the EZ’s national central banks. Just as US regional Fed banks encompass more than one US state, EZ ‘national’ central banks area of responsibility should be redrawn along economic geography lines rather than nation lines. An example of such a proposal is provided.

Nice bit. He even redesigns the EMU area into five regions…

Though, I wonder how the fundamental flaws of the union can be addressed by this re-design..

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