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La naissance de maternite

Every economist, observer or policy-maker would probably agree that the most serious problem for the European economy, today and in the years to come, is high unemployment. In large parts of continental Europe the economic system just seems to have lost the ability to create new jobs.

It would be an illusion, I think, to expect or pretend to have a full and satisfactory answer solely from legal interpretation. And it would be unfortunate if the Eurosystem were to fall into the trap of the narrowly legalistic approach that paralyses international organisations. The Eurosystem is not an international organisation, its model is not the Articles of Agreement of the IMF. Of course, the answer will have to comply with the Treaty, which provides useful guidance. However, the system is entrusted to decision-making bodies that are composed not of lawyers, but of central bankers. They carry the primary responsibility to manage the euro and are accountable for that responsibility. They have known for years what a central bank is and how vague the wordings of central bank statutes have historically been. Their touchstone can only be, in the end, the effectiveness in the accomplishment of the basic mission embodied in the triadic paradigm of central banking functions.