Sunday, November 13, 2011

Berlusconi's legacy

Berlusconi Not Leaving Politics, Urges Stronger ECB

Silvio Berlusconi said his resignation as Italian premier isn’t a sign that he’s leaving politics, and called on the European Central Bank to become a lender of last resort to save Europe’s single currency....
“We must be united to confront a crisis that was not born in Italy, it wasn’t born because of our debt, or because of our banks, it wasn’t even born in Europe,” Berlusconi said. “It’s a crisis that became a crisis because our common currency doesn’t have the support that a real currency must have.”
Berlusconi called on the ECB to take a more active role in backing the euro.
We “need a bank that is a lender of last resort, a guarantor of the currency that other currencies such as the dollar and sterling have,” he said. “That’s what the ECB must become if we want to save the euro and Europe.”
Comment: Here we go. The crisis has set the path for the creation of a type of central bank which could match the aspirations of an empire.

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