January 9, 2012
Berlin appears to be losing influence at the European Central Bank. Leading economist Hans-Werner Sinn, 63, believes that Germany has been 'pushed to the margins' at the institution and that its hardline positions on monetary policy are a thing of the past.
SPIEGEL: Last week the Germans lost the important post of chief economist at the European Central Bank. Does that mean that German hopes for an ECB focused primarily on monetary stability are in vain?
Sinn: The fact that we can occupy the posts of neither the president or chief economist only shows even more clearly that Germany is being pushed to the margins of the ECB. It has been regularly voted down in important decisions since May 2010. All of the nice talk about how the ECB would function based on the Bundesbank model, and how Germany would play a special role as the largest country, have proven to be hollow words.
SPIEGEL: What is your general opinion of the ECB leadership under new president Mario Draghi?
Sinn: As far as personnel goes, it is fully justifiable. Belgian Peter Praet is very well-suited as chief economist and German Jörg Asmussen is a good diplomat for the preparation of the ECB's European Union activities.
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