One medium-term implication of this development might also be that price stability, as the main objective of monetary policy, is increasingly called into question with independent central banks going out of fashion.
But every central banker in the euro area should have them. BILD: The French President said that Europe should learn from the German model… Draghi: …he’s right. Long before him I said that Germany is a model. The old European welfare state model is in fact dead, because it had to make debts far too often.