We must hold the ECB to account for its actions

I believe the European Central Bank (ECB) has questions to answer and I don’t believe the banking inquiry knows which questions to ask even if Jean-Claude Trichet presented himself in front of it.

“The ECB is aware that the assignment to it of regulatory powers implies not only increased influence, but also increased responsibility and accountability. As repeatedly indicated, the aim of the ECB is not only to be open, transparent and clear about the reasons for its actions, but also to be accountable for its performance.” This quotation is taken from the ECB’s own words in 1999 (www.ecb.europa.eu/pub/pdf/other/p.53_59_mb199911en.pdf).

Under the circumstances, is it difficult to understand why an Irish government might be under the impression that the ECB had responsibility for regulation within the eurozone? The reality facing a government that has no control over the money supply or the rate of interest is like that of an economy being towed (into a crash as it happened) by the ECB which controlled both. The inadequate instrument used by the Irish government to slow down lending was stamp duty. It was not enough. The ECB did not regulate the banks or control inflation in the housing market in Ireland. The ECB was responsible for both regulation and for inflation, it would now seem. Fianna Fáil has done nothing but lie down and play dead since before the 2011 election so I suggest we can kiss the truth goodbye. Perhaps, history is written by those who win elections?