ECB: “What We Are Doing Is Actually Illegal”

Well, well, well… this must be the confession of the day!

“Maybe we might come to the conclusion that we should stop.”

ECB representative

Thanks to The Irish Economy Blog who picked up this amazing piece of selfinsight from one of the representatives of the European Central Bank, ECB:

This post was written by John McHale:

After a turbulent week, RTE’s This Week programme provides a useful stock taking with Mark Gilbert (Bloomberg), Dan O’Brien and Brian Hayes.

(You can listen here; starts min 5:19).  

Part of the background is a Sunday Times front-page story on the ECB’s reaction to Michael Noonan’s Washington statements (no web link).

“In the meantime, we may have to come to the conclusion that it doesn’t really make sense for the ECB to keep putting €100 billion into Irish banks.   What we are doing is actually illegal, but we have being doing it because we want to help Ireland.” 

“Maybe we might come to the conclusion that we should stop,” the ECB source says.

What !?

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Filed under International Econnomic Politics, Laws and Regulations, National Economic Politics