Early in 2013 the EU-Ombudsman ruled on a complaint of Corporate Europe Observatory and found that ECB-President Mario Draghi can legitimately be part of the Group of Thirty, a mixed group of international bankers and central bankers. My research shows that the reasons he gave at the time are not valid any more. Draghi will not be able stay in this highly problematic group, nor will ECB-Top-Supervisor Julie Dickson be able to continue to “contribute her experience”.
On Thursday the ECB’s Governing Council will decide on whether to start a large bond buying program. I am afraid the decision is clear, though not for economic reasons. A few days later, the Greek will probably vote for a left leaning government under the Syriza-party, which wants to renegotiate the terms of the huge government debt, and is opposed to the EU-imposed austerity program which impoverished the country. There will be a standoff, a game of chicken, in which Brussels, Frankfort (the ECB) and Berlin