Pubblicato in: Banche Centrali, Unione Europea

Weidmann. Parigi val bene una Messa. La nomina alla Ecb.

Giuseppe Sandro Mela.

2019-07-02.

Macron Merkel Parigi

Di fronte ad un fatto nuovo la mente umana può rispondere in modi anche molto diversi, se non opposti.

Intanto, sarebbe necessario saper identificare il fatto nuovo, che per definizione non è descrivibile nei termini precedentemente usati: in caso contrario non sarebbe nuovo. Spesso è persino necessario arricchire il vocabolario con nuovi termini che rappresentino nuovi fatti e nuovi concetti. Si pensi soltanto a quanti nuovi vocaboli e relativi nuovi significati si sono resi necessari per descrivere l’avvento delle ferrovie: da locomotiva a vagone, da binario a traversina, etc.

Di fronte alla constatazione di un fatto nuovo, il soggetto ideologizzato si domanda come inquadrarlo nell’ideologia professata e come essa imporrebbe di risolverlo: si auto condanna a non capire cosa stia accadendo ed a sbagliare le contromosse.

La persona con mentalità da empirista, invece, cerca di individuare soluzioni nuove per i problemi emergnti.

Herr Jens Weidmann appartiene a questa ultima categoria.

«There has apparently been movement in the debate over who should succeed Mario Draghi as president of the European Central Bank (ECB). Jens Weidmann, head of Germany’s central bank, the Bundesbank, has clarified that he now considers Outright Monetary Transactions (OMT) – an instrument that has proven controversial in Germany – to be consistent with European law and that he feels obligated to uphold the policy»

«European Court of Justice has examined OMT and determined it to be legal. Moreover, OMT is current policy»

«The ECB Governing Council adopted the emergency measure at the height of the euro crisis to prevent the monetary union’s collapse. The program allows the ECB to purchase sovereign bonds from individual countries in cases where interest rates on those bonds climb too high. Thus far, the program has not had to be activated, but according to many experts, the mere fact of its existence served to calm the markets»

«It was driven by the concern that monetary policy could get caught in the wake of fiscal policy»

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Staremo a vedere come evolveranno gli eventi, ma questa duttilità mentale potrebbe essere un punto a favore di Herr Weidmann.


Zeit on Line. 2019-06-19. Jens Weidmann Accepts Sovereign Bond Purchases

The head of Germany’s central bank has clarified his position on EU monetary policy. His chances of heading up the ECB have risen, though another German may lose out.

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There has apparently been movement in the debate over who should succeed Mario Draghi as president of the European Central Bank (ECB). Jens Weidmann, head of Germany’s central bank, the Bundesbank, has clarified that he now considers Outright Monetary Transactions (OMT) – an instrument that has proven controversial in Germany – to be consistent with European law and that he feels obligated to uphold the policy. “The European Court of Justice has examined OMT and determined it to be legal. Moreover, OMT is current policy,” Weidmann told ZEIT ONLINE.

The ECB Governing Council adopted the emergency measure at the height of the euro crisis to prevent the monetary union’s collapse. The program allows the ECB to purchase sovereign bonds from individual countries in cases where interest rates on those bonds climb too high. Thus far, the program has not had to be activated, but according to many experts, the mere fact of its existence served to calm the markets.

It had been unclear until now whether Weidmann accepted the instrument, which he was critical of at the time of its introduction. That criticism has led to resistance from Southern European member states to his possible nomination to take over the presidency of the ECB. This lack of clarity has now been resolved. “My position, though, was not legally based. It was driven by the concern that monetary policy could get caught in the wake of fiscal policy. Of course, a central bank must act decisively in the worst-case scenario, but given its independence, there should be no doubt that it is acting within the framework of its mandate,” Weidmann told ZEIT ONLINE.

Manfred Weber’s Chances Decline

The leaders of the EU member states are meeting on Thursday and Friday in Brussels to potentially make preliminary decisions about the new leadership of important EU institutions. In addition to the position of ECB president, leaders must agree on the new heads of the European Commission and the European Council.

Berlin is now preparing for the possibility that Manfred Weber may not be chosen to head up the European Commission because he lacks sufficient support in the European Parliament. His candidacy is also not without controversy in the German government. Sources say that there is resistance to Weber within the Social Democrats (SPD), Merkel’s junior coalition partner. The SPD would rather see Frans Timmermans, a Social Democrat from the Netherlands, be installed as Commission president. That could ultimately prevent Chancellor Angela Merkel from voting for Weber for the position. EU heads of state and government are responsible for formally nominating a candidate for Commission president, which is then sent to the European Parliament for ratification.

The result is that Berlin will likely shift is political energy to a different EU leadership post so that Germany does not go empty handed. That’s why the position of ECB presidency is now receiving more attention.