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Warnung von Notenbankern : Das Memorandum der EZB-Kritiker im Original

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A decade ago, the ECB’s monetary policy made a significant contribution to overcoming the severe recession and consolidating growth thereafter. However, the longer the ECB stays its extremely accommodative path, the more the negative effects prevail. Interest rates have lost their steering function and financial stability risks have increased. The longer the ultra-low or negative interest rate policy and liquidity flooding of markets continue, the greater the potential for a setback. Should a major crisis strike, it will be of very different dimensions than those we have seen before. Like other central banks the ECB is threatened with the end of its control over the creation of money. These developments imply a high risk for central bank independence – de jure or de facto.

Signed by:

Hervé Hannoun, Former First Deputy Governor, Banque de France, Paris

Otmar Issing, Former Member of the ECB-Executive Board, Würzburg

Klaus Liebscher, Former Governor Oesterreichische Nationalbank, Vienna

Helmut Schlesinger, Former President Deutsche Bundesbank, Oberursel

Jürgen Stark, Former Member of the ECB-Executive Board, Frankfurt

Nout Wellink, Former Governor De Nederlandsche Bank, Amsterdam

Our judgement is shared by:

Jacques de Larosière, Former Governor Banque de France, Paris

Christian Noyer, Former Governor Banque de France, Paris

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