Angela Merkel, Chancellor of Germany, has strongly criticized the Federal Reserve, the European Central Bank and the Bank of England for their action against the financial crisis. This is what she had to say:
“What other central banks have been doing must be reversed. I am very sceptical about the extent of the Fed’s actions and the way the Bank of England has carved its own little line in Europe.
(…) Even the European Central Bank has somewhat bowed to international pressure with its purchase of covered bonds.
(…) We must return to independent and sensible monetary policies, otherwise we will be back to where we are now in 10 years’ time.”
This is extraordinary, since the independence of the central banks, and the ECB in particular, is guarded by law.