The Frankfurt-based European Central Bank has been described for most of its short existence in pretty derogatory terms: arrogant, incompetent, out of touch, lacking transparency and credibility – the list goes on. Throughout this period, comparisons with the US Federal Reserve have been particularly unfavourable. This year, while the Federal Reserve has cut rates often and deep to fight off recession, the ECB has done little. Fed chairman Alan Greenspan looks like a hero and ECB president Wim Duisenberg has attracted calls for his resignation.
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