Mario Dhaghi

[Hazir]

So now it is official; the president of the İtalian central bank is the frontrunner for the raceto succeed Trichet at the head of the ECB. Not a big surprise to me since Weber effectively demolished his (the German) candidacy. İt will be interesting to see though what price will be paid for the actual appointment and how northern public opinion will react to an ECB president from a club Med country.

İ personally think he would be a good choice.

[GGT]

Why are there dots over your capital I's, Hazir? Are you posting from Turkey on an iPhone or something?

On a more humorous note:

[Hazir]

A turkish friend played with my ipad, and now İ can't find how to reset it to Dutch.

[GGT]

Sounds like kinky international code.


Anyway, sorry to take your thread to humor right away. If it's not humorous, like that youtube, we're globally insane.

[Dreadnaught]

Something I've never been clear on: what do Euro-denominated central banks really do now that there is an ECB?

[GGT]

Something I've never been clear on: what do Euro-denominated central banks really do now that there is an ECB?

Try to figure out who owes whom at what interest rate, even though they're all broke, while comparing interest rates between China and the US, and the euro to USD or yuan, and hold lots of conferences in places with ski slopes?

That's why the video is so sad but true.

[Flixy]

Something I've never been clear on: what do Euro-denominated central banks really do now that there is an ECB?

Monitoring banks, giving out banking licenses, anything related to banking regulations I think.

wikifist for the Dutch central bank:

Under the 1998 Bank Act – replacing that of 1948 – the Bank has the following tasks:

• Within the framework of the ESCB, the Bank shall contribute to the definition and implementation of monetary policy within the European Community (EC). The Bank has the objective to maintain price stability. Without prejudice to this objective, the Bank shall support the general economic policy in the EC.
• The Bank shall hold and manage the official foreign reserves, and shall conduct foreign-exchange operations.
• The Bank shall collect statistical data and produce statistics.
• The Bank shall promote the smooth operation of payment systems; it shall take care of the banknote circulation.
• The Bank shall supervise banks, investment institutions and exchange offices.
• The Bank may, subject to permission by Royal Decree, perform other tasks in the public interest. The European Central Bank (ECB) may also ask the Bank to perform extra tasks.

The first two tasks – also known as the ESCB tasks – ensue entirely from the Maastricht Treaty. Decisions in these areas are taken at the European level by the ECB Governing Council, on which the President of the Nederlandsche Bank has a seat. Promoting the smooth operation of payment systems has both a European and a national dimension. The statistical task is also partly ESCB-related and partly a national concern. These two tasks will not be transferred to ESCB level at the start of EMU. Here the Nederlandsche Bank remains fully in control. However, in a Europe where economies are becoming increasingly interlocked, many banking supervisory rules are drawn up at the international level.
One of the government appointed members of the Social-Economic Council is always a representative of the DNB.