Re:Brexit Is a Lehman Moment for European Banks
by Tomte on Sunday July 10, 2016 @12:59PM
(#12066215)
As I like to point out whenever people claim that the ECB is controlled by Germany: Germany has a very small minority of the votes in the controlling gremium.
Re:Brexit Is a Lehman Moment for European Banks
by Malarkey73 on Sunday July 10, 2016 @03:46PM
(#12066966)
Influence in the Euro institutions is largely determined by the size of the economies and their contributions to the budget. Germany is first among equals.
Re:Brexit Is a Lehman Moment for European Banks
by Tomte on Sunday July 10, 2016 @03:55PM
(#12067002)
As long as we're talking votes, not "soft power", Germany is a dwarf.
European institutions are largely determined by "every member gets something", not economic size.
In this example, the Governing Council of the ECB has 25 members, two of which are German.
It is "first among equals" in the sense that no country has more members and few have as many, but what you're insinuating is factually wrong.
When it comes to any European organization, just assume that each member country has one vote and you'll always be very close to reality.
Re:Brexit Is a Lehman Moment for European Banks
by Malarkey73 on Sunday July 10, 2016 @06:02PM
(#12067466)
I'm sorry - I don't mean to imply that Germany is all powerful. The power dynamics of different EU institutions are complex and sometime unwieldy. And often a single country can block something. However I respectfully disagree with your last sentence - assuming each country has equal power is not reality but fantasy.
It more a case they may have to bail out Greece rather than letting it default and take out the Landesbank.
A lot of the problems could be prevented by the German controlled ECB easing monetary policy and aiming for say 2% inflation rather than the present 0%.