But as I said, the Eurosystem has also contributed to preventing an escalation of the crisis in the sense that we cut interest rates to historical lows, provided almost unlimited liquidity to banks, and decided on numerous non-standard measures.
The problem is that if politicians have the feeling they can pass their responsibility on to somebody else, then they will choose the easy way out. And this undermines the independence of central banks. How do you asses President Obama’s emphasis on the need for growth and a more expansive policy?