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Norman
I do not know the answer to your question on ownership of the ECB, but I
will research it later today.
I will say that the precedent for the ECB is the Bundesbank, which has
been a harsh overseer of the DM for 50 years, and not the Anglo-American
experience of The First Bank of the US, the South Sea bubble or the
Mississippi bubble (John Law was after all British).
I believe a better perspective for the Euro is as a continuation of
Prussia's policy of using the Zollverein (customs union) to convince the
small German principalities to join up for economic reasons, thereby
creating a greater Prussia and a more isolated Austria (and weaker
non-member principalities). I am sure Kohl had Bismarck's model in his
head, even if he never admitted it.
The key issue coming from all this is how monetary and fiscal policy
will relate to one another (if at all)...
Dan Goncharoff
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