"The new situation that Germany provides a growing share of the euro rescue, but has only one vote just like any other country no longer fits," Herbert Reul, a German politician and chairman of the Christian Democratic Union and Christian Social Union group within the European Parliament, told German magazine Focus on Sunday.
After resigning from the ECB last year in opposition to its bond buying program, former executive board member Juergen Stark warned in press reports that the further bond buys by the ECB would amount to "printing money," and risk increasing inflation.
While Germany holds 27.1% of the capital of the central bank, Executive Board Member Joerg Asmussen is the only other German on the 23-member governing council after Mr. Weidmann, who has just one vote.
In an interview with Focus magazine, Foreign Minister Guido Westerwelle said the problem is that "the economic and demographic weight in some committees and situations is not represented accordingly."
To strengthen the weight of the Bundesbank, Mr. Stark suggested to Focus magazine that the ECB remake its board, which today includes 23 members, to a nine-member board set up, where big member states such as Germany would receive a permanent seat and the other states would share the remaining seats.
That would require changes to both the Maastricht Treaty and the ECB's statutes, he noted.
--WSJ, Aug. 5th, 2012
There is nothing more amusing than an angry (but unarmed) German: “You cannot do this because I forbid it!!!”
Germany’s in a real pickle. She thought that she had joined a prestigious country club, only to be hit with a trillion euro assessment to repair other club members’ broken-down houses, and with only one vote on the board of directors.
I certainly sympathize with the Germans. They are the schmucks who always get screwed. They’ve been betrayed, cheated and swindled by France for two centuries, and now they find out that it’s just beginning. An analogy would be if the Canadian taxpayer were told that he had to bailout the U.S. in the name of “North American solidarity”.
The Germans have unwittingly checked into the Hotel California.