A Piigs Central Banker, Ex-Goldman, To Run The Ecb

[Deckard]

Mario Draghi is the bookies' favourite to run the ECB once JCT rides out in the sunset in October.

Draghi Wins Bild’s Backing, Clearing Hurdle to ECB Post

April 29 (Bloomberg) -- Bank of Italy Governor Mario Draghi’s campaign to become European Central Bank head picked up speed with an endorsement by a top-selling German tabloid that has close ties to Chancellor Angela Merkel’s government.

Bild-Zeitung published a photomontage of Draghi wearing a Prussian spiked helmet today, saying the race for the ECB presidency “is decided,” and Draghi is German-enough for Merkel to support him.

Backing by Germany’s most-read newspaper, which last year lampooned the idea of an Italian managing Europe’s money and channeled public outrage over aiding debt-laden Greece, will help prepare grass-roots opinion for a southern European atop the 17-nation central bank, said Hans-Juergen Hoffmann, head of the Psephos polling company.

...

“Of course there are fears, often the result of national prejudices, that a southern European may conduct a euro policy that doesn’t have stability as the main criterion,” said Hoffmann. “The public at large doesn’t have a firm opinion yet, so the government has to do some advertising now.”

Draghi, 63, who was born in Rome, is a Massachusetts Institute of Technology-trained economist with stints at the World Bank and Goldman Sachs Group Inc. on his resume.

...

A year ago, the newspaper mocked the idea of putting the euro in the hands of someone from Italy, “the country of the old lira, the currency with all those insane zeros.”

Gotta love that Bild pic, a true symbol of European unity

What can I say, it sounds like a great plan - what could possibly go wrong?

[Deckard]

Apparently this will increase the pace of tightening in the Eurozone.

ECB Changes May Spell Faster Tightening as Draghi Eyes Job

May 2 (Bloomberg) -- The European Central Bank may step up its inflation fight as up to a third of its Governing Council is replaced this year.

An unprecedented seven seats on the ECB’s 23-member council may change hands in a year marked by the retirement of President Jean-Claude Trichet. The new generation of central bankers under the likely leadership of Italy’s Mario Draghi will reinforce the ECB’s inflation-fighting resolve, say economists at Citigroup Inc. and Societe Generale SA.

“In the short-term, the ECB may turn more hawkish,” said Klaus Baader, co-chief euro-area economist at Societe Generale in London. “Draghi will want to show he’s not lax about inflation risks and the new members will keep their voices down, strengthening the influence of established hawks like chief economist Juergen Stark.”

Great news for the beleaguered PIIGS

[The Eagle]

It doesn't matter that he's from Italy, what matters is that he's a Goldman Sachs man just like Romano Prodi, who has been EU commission president from 1999 to 2004.

In fact if you look closer you will find that Goldman Sachs men are everywhere in positions of power.

Edited May 2, 2011 by wise_eagle

[Deckard]

It's a done deal now.

Draghi Backed by Euro Finance Ministers as Next ECB President

May 16 (Bloomberg) -- Euro-area finance ministers put Mario Draghi on track to become the next head of the European Central Bank as the region struggles to contain a debt crisis sparked by ballooning deficits in southern Europe.

The ministers from the 17 nations using the euro endorsed Draghi, 63, to take over the ECB in November, Belgian Finance Minister Didier Reynders said after talks in Brussels today. ECB President Jean-Claude Trichet’s eight-year term ends on Oct. 31.

Don't you just hate half measures? They should have gone for a Greek candidate

[erranta]

It doesn't matter that he's from Italy, what matters is that he's a Goldman Sachs man just like Romano Prodi, who has been EU commission president from 1999 to 2004.

In fact if you look closer you will find that Goldman Sachs men are everywhere in positions of power.

http://www.thisislon...t-be-trusted.do

Certainly, if past form is any guide, the one-eyed king, Lloyd Blankfein — he went on to proclaim the bank's activities as "God's work" even though he knew the SEC charges were likely — will expect nothing less. But, like the dealer who sells a car with faulty brakes, Goldman's reputation has been damaged.

Of course, the bank is so omni-present as to be — often — the only dealer in town and in the end, this episode will be forgotten and eager investors will line up to take whatever Fab and his mates can throw at them. Until then, why should anyone trust Goldman again?

THE (BROWN) LADDIE DOTH PROTEST TOO MUCH

Gordon Brown's description of the "moral bankruptcy" that is Goldman Sachs provoked laughter across the City, not least at the investment bank itself. We'rein the middle of an election so Brown is in determinedly voluble, combative mode. No opportunity can be lost for a soundbite, no quarter can be given. But if the bank is so morally bankrupt, why did Alistair Darling have three private meetings with Richard Gnodde, Goldman's smooth co-head, in the last fourth quarter, according to Treasury documents? In contrast, he met with other bankers only twice — once with Royal Bank of Scotland, which the Treasury owns, and the other with Barclays.

The truth is that no bank, not even a British one, enjoys closer relations with the UK Government than Goldman Sachs. From Gavyn Davies, who was Goldman's chief economist and close friend of Brown (his wife Sue Nye was Brown's private secretary and is a special adviser (she was a "garden girl" who worked years for NOTHING for him, whom Brown elevated to Slut Baroness), to the rescue of Northern Rock to the sale of gilts, Goldman has been a constant prop for Downing Street.

It's just pure conspiracy central with Brown surrounded & spied upon (they privvy to top Govt inside information) by Gold-mans

Edited May 17, 2011 by erranta

[South Lorne]

Mario Draghi is the bookies' favourite to run the ECB once JCT rides out in the sunset in October.

Draghi Wins Bild’s Backing, Clearing Hurdle to ECB Post

Gotta love that Bild pic, a true symbol of European unity

What can I say, it sounds like a great plan - what could possibly go wrong?

..breathe a sigh of relief ...Gordo's name not in the frame....

[_w_]

In fact if you look closer you will find that Goldman Sachs men are everywhere in positions of power.

They've just announced the latest addition to the boe mpc. You guessed it ... a goldmanite.

[interestrateripoff]

So ECB policy will be for the benefit of a certain giant squid then?

I'd love to know how much European PIIGS debt Goldman has advised on. We know they helped the Greeks to hide their crap, who else has Goldman assisted the PIIGS.