Europe has created a central bank with the exorbitant power to close down a member-state’s banks. This central bank, the ECB, was supposed to be independent of politicians. Except that, as the case with closure of the Greek banks in 2015 proves, no central bank has less independence of politicians operating behind closed doors (e.g. the Eurogroup). This combination of EXORBITANT POWER and OPAQUENESS (i.e. LACK OF TRANSPARENCY) makes it impossible even to imagine of European democracy, let alone practise it.
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