But EU law expressly forbids any form of ECB financing of deficits.

European Central Bank (ECB)

Only the European Central Bank could implement true socialization of national debt in the eurozone. But EU law expressly forbids any form of ECB financing of deficits.

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

Helping the ECB Cross the Rubicon

Ecb Is Now Europe s Anchor

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

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 voting structure in the ECB is flawed.

Only the ECB can provide this insurance.

The European Central Bank is in a different place entirely.

That is exactly what the ECB is doing.

So, will it be once more into the breach for the ECB?

The ECB is different, for some good reasons.

Banking supervision was not included among the ECB s objectives, though one article of the treaty gives the system of European central banks as a whole the task of contributing to effective supervision.

LONDON Mario Draghi, the president of the European Central Bank, has repeatedly claimed that the ECB will do everything necessary to save the euro.

But the European Central Bank, notably by ECB board member Lorenzo Bini Smaghi, has elegantly spelled out the case against debt reduction a case that is politically significant and deeply moral.

But this will require a shift in the ECB s attitude.

Even the ECB s support is not obvious.

The president of the European Central Bank, as well as the International Monetary Fund, acknowledge the gravity of the problem.

The ECB was not given overall supervisory and regulatory powers.

The ECB, however, has not been equipped with this mandate.

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.

Nonetheless, the ECB has provided large amounts of liquidity to the financial system, indirectly softening the pressure on government debt refinancing.

The ECB would not be facilitating additional borrowing by member countries it would merely allow them to refinance their debt at a lower cost.