Dirk Ehnts — What exactly is the role of an inflation-targeting central bank?

The euro zone, I argue, is a disaster because of the separation of fiscal and monetary. The ECB bails out banks, not governments. This leads to blackmailing sovereign governments into reforms that they would never have undertaken because the people would never have voted for austerity. The way that Germany handles its newfound power is destructive, imposing poverty and stagnation on the periphery. Central banks – ECB and national central banks – have found a new, enlarged role for themselves. I wonder whether the public benefits from this change.

econoblog 101
What exactly is the role of an inflation-targeting central bank?
Dirk Ehnts | Berlin School for Economics and Law

This is central bank autocracy rather than independence.

Forcing reform on democratic countries that would not institute reforms since it was politically unpopular was the purpose of the creation of the currency union in the form it took.

The Guardian (UK)
Robert Mundell, evil genius of the euro
Greg Palast | guardian.co.uk