The European Central Bank (ECB) isone of the key players in the financial sector crisisand sovereign debt crisis in the euro-zone. However, civil society – NGOs,trade unions, social organizations – are hardly noticed movements – for thiskey player. This report should raise more interest for what the ECB is doing,because it does not just influence their behavior and decisions serious thefinancial sector, but the entire economy and thus wages, social systems and inthe end the everyday life of all citizens.
The way in which the ECB functionedbefore the crisis was based exclusively on the Monetary concept of centralbanking, reduction of central banks to the consumer’s guard Inflation. Alreadythe inflation of financial asset prices was ignored, not speak of systemicfinancial stability, growth and employment. There is no surprise that the ECBdid not see the crisis coming.The financial crisis has turnedinto a sovereign debt crisis which not only threatens Greece, but Portugal and Ireland. The future of the euroas the common currency of 17 European countries is at stake, and so is the centralBank for this currency. The traditional revenue of structural adjustment with painfulausterity programs for ordinary people do not work, as is the case in Greece demonstrated.
Despite dramatic cuts in public spending with very negative ones consequencesfor future growth prospects are increasing the debt burden. The crisis is notover ,new and innovative ways out of the crisis have to be found. This alsomeans that the ECB cannot continue as usual. Substantially changes are needed,otherwise the collapse of the euro zone will be inevitable. This report seeksto present the future role of the ECB as part of an overall alternative on thecurrent crisis management on the civil society agenda.
Of course it cannot explainand give answers to all questions of central banking exhaustive. Its main purposeis to attract attention civil society that it will not be possible withoutchanges in central banking a fairer, more stable, more sustainable and equitableeconomic system in the EU.