Quick and New: The Death of the Central Bank Myth

"For decades, monetary policy has been treated as technical, not political. The pandemic has ended that illusion forever." writes Adam Tooze in Foreign Policy. Our update from the new paradigm community.

„The paradigm of modern central banking that is being debated in the spartan court room in the German town of Karlsruhe was set half a century ago amid the turbulence of inflation and political instability of the 1970s. In recent years, it has come under increasing stress.“

In a new piece in Foreign Policy economic historian Adam Tooze argues that the recent decision by the German Constitutional Court on the ECB’s 2015 asset purchasing program means that we need „to give our financial and monetary system a new constitutional purpose.“

Read the full article — here.

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