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Peca, Servan

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Le Temps - Switzerland | 06/07/2012

Central banks too powerful

The ECB as well as the central banks of China and the UK introduced additional support measures on Thursday, but market reactions have been negative on the whole. That shows that too much is being expected of the central banks, writes the liberal daily Le Temps: "The disappointment is enormous because the expectations were too high, not only on the part of the financial community, which is always on the lookout for credit facilities that can support the stock markets for a while. The pressure, calls for assistance and other exhortations also came from the public and political spheres. … This is a rare, even unique, situation and additional proof that the role of the ECB has changed. Even though its president Mario Draghi denies it, he has largely overstepped his key mandate of guaranteeing price stability. … Will the roles that the central banks are being given today be revoked once Europe and the rest of the world are definitively out of this crisis? Nothing is less sure. In the meantime, these banks have never been more deserving of their names."

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