[5] That said, Walter Eucken was not thinking of a central bank to safeguard price stability. In his opinion, a good monetary constitution should, like the competitive order, function as automatically as possible. This is because Eucken warned of weaknesses in central bankers and their influence.
The prevailing weak global economic conditions have dampened external trade and weakened commodity prices on international markets. In the first half year of 2013, we have seen some signs of growth though unevenly spread across regions. In the euro area, the recession continued and in the US, the recovery remained timid while Japan offered some positive signs of growth.