The European Central Bank (ECB) is currently carrying out a stately progress. Commentators say that it will implement eventually the dreaded quantative easing (printing money). However, this is a bit late compared with the U.S Federal Reserve and our very own, the one only Bank of England, in association with the UK Treasury. At each stage of this monetary cycle the ECB has been dragged kicking to act.
It also shows a natural bias of supporting the requirements of Germany rather than the Mediterranean members of the Eurozone, Spain, Italy, Portugal and Greece. The Frankfurt-based institution would probably prefer a hard Euro and would love to be the world's reserve currency.
The European Union's economic and monetary affairs commissioner Joaquin Almunia has stated that no member country will leave the Eurozone and noted that other countries wanted to join. However, Almunia has been unable to protect Ireland, for example, where the euro exchange rate has given its significant trade partner the UK a major advantage.
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