Since the beginning of 2003 until the end of April 2006, the Dow Jones has risen by 35 per cent, the Nasdaq by 77 per cent, the German Dax by no less that 117 per cent and the Japanese Nikkei 225 by 104 per cent.
With the banking union, the ECB will be responsible for banking supervision in addition to monetary policy. Is that not too many powers in the hands of one sole institution? It is true that the ECB will have more powers. But, as in any democratic system, it will have strong counterparts.