The country has plowed some of its oil money into increasing its contributions to the BEAC, and now reportedly provides 48 of CEMAC s foreign currency reserves.

This monetization of the fiscal deficit has put enormous pressure on central bank reserves, mitigated only slightly with the issuance of new Eurobonds over the past 2 years.

From Central Bank to Central Planning?

The World s Central Banker

Whose Central Bank?

European Central Bank (ECB)

Commercial banks could hold them without setting aside any capital reserves, and the European Central Bank (ECB) accepted them on equal terms at its discount window.

The ECB and Its Critics

The ECB Grows Up

The Naked ECB

The ECB s Faulty Weapon

Europe s Central Bank at Sea

The ECB s Lethal Inhibition

The ECB s Leap into the Unknown

Behind the ECB s Wall of Money

The European Central Bank also lost its credibility.

Out of Step at the ECB

The ECB Picks Up The Pace

The ECB s Honeymoon is Over

The ECB s Secret Bailout Strategy

The ECB s Tone Deaf President

Germany s Case Against the ECB

Occupy Frankfurt in front of ECB.

Venezuelan Preseident Hugo Chávez has openly proposed abolishing the central bank s independence, submitting a constitutional reform that would allow him to use the country s international reserves as he sees fit.

The Central Bank serves as Azerbaijan's central bank, empowered to issue the national currency, the Azerbaijani manat, and to supervise all commercial banks.

Helping the ECB Cross the Rubicon

Ecb Is Now Europe s Anchor

Central Bank (Information and Financial Analysis Unit)

Central Bank (Information and Financial Analysis Unit)

By the end of 2010, ECB loans, which originated primarily from Germany s Bundesbank, amounted to 340 billion. This figure includes ECB credit that financed capital flight from Ireland totaling 130 billion over the past three years.

As the eurozone s central bank, rather than a lending institution, it does not have a clear role in negotiations on behalf of creditors.

The Swiss central bank recently adopted this position, and the ECB is worrying about higher inflation, not deflation, in the eurozone.

Bank reserves were in silver coins, and banknotes were convertible solely into silver.

Is the ECB Doing Enough?

The ECB s New Macroeconomic Realism

John Stewart Mill vs. the European Central Bank

That points towards reliance on the ECB.

The ECB s credibility is on the line.

The Bundesbank has become aware of the danger.

The voting structure in the ECB is flawed.

Most recently, German Chancellor Angela Merkel has backed ECB President Mario Draghi, leaving Bundesbank President Jens Weidmann isolated.

Nor will ECB President Jean Claude Trichet be intimidated by French pressure to pursue a softer monetary policy.

Though the ECB has absolutely nothing in common with the old Deutsche Bundesbank, the German public has not recognized this.

Together, the ECB and the EFSF could do what the ECB cannot do on its own.

Only the ECB can provide this insurance.