Central Banks
What Milton Friedman Wrote to Otmar Issing at Creation of ECB
- ‘Congratulations on an impossible job’ was his message
- Issing spoke to Bloomberg Television just as ECB turns 25
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When Otmar Issing became chief economist of the fledgling European Central Bank a quarter of a century ago, he was greeted with a letter from one of the project’s leading skeptics.
Milton Friedman, the Nobel-Prize winning monetarist, had publicly warned of the dangers of trying to fuse the currencies of 11 sovereign nations into one.