ECB Procedures May Change So Germany Feels Included
VIENNA -- Decision-making procedures inside the European Central Bank could be changed to help Germany be more included, said ECB Governing Council Member Ewald Nowotny.
Decisions could be made through discussions rather than votes, for example, Nowotny said in an interview Monday with Austrian newspaper Der Standard.
Although Germany has profited immensely from the euro, Nowotny said there is a protectionism streak in Germany, which started in the media and has spread to the broader public. The country's readiness to engage in Europe has also significantly decreased, he said, which is critical as "substantial progress without Germany is not possible."
"It is very dangerous when in Germany there is the feeling that one is ignoring the country," he said, adding that Germany was rather sensitive to the political nature of the decisions being made about the aid being given to Greece.
It is the very political aspect of the process, said Nowotny, which threatens to cause euro-zone leaders to commit a "European mistake," reacting too late and on too small a scale.
Although it is unclear whether the measures already agreed upon by euro-zone members to aid Greece with its sovereign debt problems will be enough, Nowotny said "it is better to have some kind of weapon than none at all."