Germany’s Central Bank
(Corrected)
Occasionally I have called the European Central Bank “Germany’s Central Bank” in a tongue-and-cheek fashion, hoping to spread awareness that the second is more accurate that the first. The ECB is, without a doubt, a thoroughly German institution, and the German bankers would never have turned over their currency destiny to Europe as a whole.
Although the current head of the central bank is the very French Jean-Claude Trichet, this is largely a smokescreen for the ECB, which is firmly headquartered in Frankfurt, Germany. There is no doubt, however, that the European Union spins around the Franco-German alliance.
Today, on MarketWatch’s homepage, I saw something that alarmed me (okay – it made me laugh and I thought it was a mistake). Indeed, I thought I was transported to an alternate universe where I was responsible for writing sarcastic titles for MarketWatch; the link reads “Germany’s central bank signals caution”:
MarketWatch appears to refer to ECB as Germany's Central Bank (MarkOnMarkets.com)
The Wall Street Journal article goes on, of course, to talk about the ECB. The Wall Street Journal article is alarmingly titled “German Central Bank President Signals Caution” – apparently referring to the ECB board of governors member Axel Weber. The grammar makes it look like a possible mistranslation. Originally I thought this was a mistranslation from a German article, but it turns out that Axel Weber is also the Bundesbank President – thanks Joe SixPack!
Incidentally, both the ECB and Bundesbank are located in Frankfurt…
That is hilarious and true! Good catch. Let’s see how long the headlines stand.
ReplyIs it possible that each ECB country maintains their own central bank in consortium with the ECB? I think I have seen mention of German and French central banks before on Marketwatch.
ReplyYes, in fact this is correct:
Axel Weber is president of the Bundesbank, and an ECB board member.
http://www.bundesbank.de/aufgaben/aufgaben_vorstand_weber.en.php
Professor Axel A Weber
President of the Deutsche Bundesbank
Curriculum vitae
Reply08 March 1957
born in Kusel, Rhineland-Palatinate
1976 – 1982
Studies leading to undergraduate degree in economics and management at the University of Constance
1982 – 1988
Research assistant in the field of monetary economics at the University of Siegen
1987
Doctorate awarded by the University of Siegen
1989 – 1992
Research assistant in the Department of Economics at the University of Siegen
1994
Habilitation in economics at the University of Siegen
1994 – 1998
Professor of economic theory at the Rheinische Friedrich Wilhelms University, Bonn
1998 – 2001
Professor of applied monetary economics at the Johann Wolfgang Goethe University, Frankfurt am Main
1998 – 2002
Director of the Center for Financial Studies in Frankfurt am Main
2001 – 2004
Professor of international economics at the University of Cologne
2002 – 2004
Member of the German Council of Economic Experts
Since 30 April 2004
President of the Deutsche Bundesbank and Member of the Governing Council of the European Central Bank,
responsible for the Communication Department and the Economics and Research Centre of the Deutsche Bundesbank
In principle, you are still right. The Bundesbank is the dominant factor in the ECB.
ReplyThanks for the quick correction Joe SixPack!
Reply