"The ECB's Battle against Central Banking"
Brad de Long explica por que razão o BCE está a falhar enquanto Banco Central:
Our current political and economic institutions rest upon the wager that a decentralized market provides a better social-planning, coordination, and capital-allocation mechanism than any other that we have yet been able to devise. But, since the dawn of the Industrial Revolution, part of that system has been a central financial authority that preserves trust that contracts will be fulfilled and promises kept. Time and again, the lender-of-last-resort role has been an indispensable part of that function. That is what the ECB is now throwing away.
