Handelsblatt on the ECB and the complex job profile of today’s central bankers
“The counterpart of the conservative central banker is the modern central banker. According to his self-understanding, he has an extremely complex mandate: His responsibility includes not only price development, but also financial market stability, economic development, banking supervision, and even recently the rescue of the climate. The modern central banker is a rescuer of states, banks and a money printer at the same time. He has an answer to all economic distortions. Although he is formally independent of the rulers, he is actually their partner. The modern central banker is pragmatic and unorthodox – sometimes to the point of principlelessness.”
– Jens Münchrath in “European Central Bank – Powerfully powerless”, essay in Handelsblatt from 10.,11.,12. December 2021, page 16
