ECB Independence

There are growing signs of powerful opposition to the EU Reform Treaty provisions changing the status of the ECB. And in the process thereby destroying the Central Bank's independence. Hardly a sensible move at a time of growing financial uncertainty. One example of such serious thought amongst federalists is linked here, I quote only the conclusion:

Conclusion

Of course lowering the degree of independence of the ECB is a serious risk as it could lead to a less credible monetary policy. Moreover, if political pressure was to be allowed, smaller countries might end up with an EU monetary policy more synchronized with the cycle of the biggest EU economies instead of a neutral pro-EU development one. In the worst scenario the ECB could be even pushed to follow the political or electoral cycles of the biggest EU countries.

This is extremely encouraging for we few remaining supporters of democracy in Europe. If powerful figures led by Trichet can force through a change in the terms of the 'mandate' then surely the anti-democratic elements of the Treaty can also be removed, opening the floodgates to decimation and sending the whole thing back to the Commission for yet another re-think and this time we hope an opportunity to give the citizens the essential element to avoid a tyranny, namely democratic control. The Swiss model is ideal if combined with electronic voting for mass referendums on all substantial matters, as I have been arguing for years both here and on this blogs forerunner.