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By Prof. Dr. Bruno COLMANT, Member of the Belgian Royal Academy
From soft press conferences to meticulous interventions, the European Central Bank (ECB) task has been easy since the euro's creation in 1999. Driven by a 2% inflation constraint that it has never had to fight since Europe has been on the verge of deflation, the ECB has not had to demonstrate its capacity to intervene, nor the relevance of having stripped its member states of domestic price controls.
It has not even had to defend its role in contributing to employment growth since the objective of the euro is not full employment but the protection of the currency's purchasing power. The decisions of the ECB merged into a troika have sufficiently illustrated during the Greek...
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