Re:Apple will start paying $21B in back taxes to Ireland
by Angostura on Thursday April 26, 2018 @08:22AM
(#16931172)
> Because the Bank of England controls the pound and everyone one who works for it are answerable to the electorate in one way or another.
The head of the Bank of England is appointed by the UK government. The head of the ECB is appointed by the Council of ministers - ministerial representatives of member states. How is is this different, conceptually, in terms of answerability to the electorate?
The ECB sets interest rates independently, the BoE does the same.
Most of your arguments appear to be about the difficulties inherent in having a single monetary system across disparate economies, and I agree with you - but there is nothing inherently anti-democrat in the way that the ECB manages its affairs.
The head of the Bank of England is appointed by the UK government. The head of the ECB is appointed by the Council of ministers - ministerial representatives of member states. How is is this different, conceptually, in terms of answerability to the electorate?
The ECB sets interest rates independently, the BoE does the same.
Most of your arguments appear to be about the difficulties inherent in having a single monetary system across disparate economies, and I agree with you - but there is nothing inherently anti-democrat in the way that the ECB manages its affairs.