Tuesday, September 20, 2011
Chief Economist of European Central Bank Resigns
Juergan Stark, the chief economist of the ECB, resigned on friday, September 9, 2011 over his opposition to the ECBs bond buying program. Apparently Stark opposed the purchasing of many government bonds from ailing economic european countries. He believed it jeopardized the independence of the bank. He did not want the politics of Europe mixing with economics; he believed these decisions would cause a command economic system. Also he feared for the stability of the euro. He believed these purchases would inflate the currency and cause further economic strife. This sudden resignation is yet another blow to the Christian Democratic Union(CDU). This will make the second instance of a prominent economist abandoning their approach to saving the euro. This resignation is a great loss to all European economists. Read more here.