The ECB Needs to Rediscover Itself

Because the ECB narrowed its mandate to achieve a short-term inflation target, it encroached on the general economic policy reserved for the states, created risks to financial stability, and had an unjustifiable impact on the distribution of wealth within and between euro area countries. Jürgen Stark, Thomas Mayer and Gunther Schnabl think, the ECB must return to its conceptual and legal foundations. The article was published in The International Economy Magazine.