Amid all the criticism, there has never been any doubt about its support for the single currency. So who is responsible for the alienation between Germans and the ECB? The ECB perhaps didn’t communicate enough with the public in the past.
The third session was devoted to the financial stability issues. In this session, Stephen G Cecchetti indicated that when private credit to GDP ratio exceeds a threshold of 100 per cent, financial sector could be a drag on growth by reducing productivity growth.