The ECB has no influence over the world-wide financial crisis

Facing the high-risk mortgage crisis in the United States, the central bank of America (FED) took an unprecedented decision and lowered its discount rate on Friday, August 17th. For François-Xavier Pietri, "This intervention of the supreme monetary authority... confirms that in matters of market regulation there is a heavy weight, the FED, and then there are the others. The interventions of the European Central Bank, (ECB) with its massive injections of liquidity and Jean-Claude Trichet's declarations have only had a limited positive effect on the financial crisis, and even added oil to fire in the first few days. Furthermore, the ECB has remained remarkably silent about measures it might consider such as postponing the rise in rates scheduled for September. ... It is indeed always from the other side of the Atlantic that the world economy is piloted ... ."

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