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A true sovereign is in debt to nobody... Unlike Greece and other EU members, which are forbidden to issue their own currencies or borrow from their own central banks, the U.S. government can solve its debt crisis by the simple expedient of either printing the money it needs directly, or borrowing it from its own central bank which prints the money.
Through open-market operations, it can buy securities (including its own central bank bills) with freshly created money, thereby adding cash to the banking system.
Like any subculture of force it was a society with its own central figures, peripheral characters, countermovements and sense of underestimated legacy.
Tobruk in turn said that, as the internationally recognised government, it is entitled to control its own central bank, further poisoning relations between the two sides.
Wales has neither its own national currency nor its own central bank; instead, it uses the pound sterling and relies on the Bank of England for currency and other financial matters.
The German manoeuvre must be approved by the European Commission's statisticians, who are not immune to political pressure: they accepted both Italy's one-off Euro tax and a dubious payment by France Télécom to the French treasury.Worse, Germany's adoption of accounting tricks denounced by its own central bank makes it impossible to denounce others, especially Italy, for the same fault.
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To help develop these good things in Africa, the AU is to have a 15-member security council, akin to the United Nations' key decision-making body, and eventually its own parliament, central bank and court of justice.The security issue is crucial.
And America pays its debts in a global reserve currency backed by its own, independent central bank.
Asia suddenly had its own celebrity central banker, guaranteed to stimulate economic debate even if he fails to stimulate Japan's economy.In this section Mining digital gold Bet lynched Opening the floodgates Leaky devils An overdue move Rakoff's revenge A slipping taboo Weight watchers The death of inflation ReprintsAsia can also inspire economists to break with convention.
It was not clear, it declared, that Hungary would be able to join the euro at a time of its own choosing.The central bank also cast doubt on the government's plan to cut the budget deficit, 9% last year, to 2.5% by 2006.
If the money from the ECB stops, Greece can still get funds from its own national central bank in the form of emergency liquidity assistance (ELA).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com