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From 2004, under the ECB’s (European Central Bank) watch, bank credit growth in Ireland, Greece, Portugal and Spain increased by over 20% per annum and property prices sky rocketed. When bank credit fell, property prices collapsed, developers went bankrupt, and the banking systems of Ireland, Portugal, Spain and Greece became insolvent.
The ECB could have prevented these bubbles, just as it could have ended the ensuing banking and economic crises.
But it refused to do so until major political concessions had been made, such as the transfer of fiscal and budgeting powers from each sovereign state to the European Union.
In both Spain and Greece youth unemployment has been pushed up to 50%, forcing many youths to seek employment abroad. Greek doctors for whose education Greek taxpayers have paid, now work in Germany.
The deliberations of the ECB's decision-making bodies are secret.
The mere attempt at influencing the ECB –for instance through democratic debate and discussion– is forbidden according to the Maastricht Treaty.
The ECB is an international organization that is above and outside the laws and jurisdictions of any individual nation.
Its senior staff carry diplomatic passports and the files and documents inside the European Central Bank cannot be searched or impounded by any police force or public prosecutor.
