The petitioners for a GAL case should have some monetary responsibility.
It was a long, somewhat rambling pledge called "Responsibility for Austria -- A Future in the Heart of Europe," promising adherence to the spiritual and moral values of Europe, recognizing charters on peace and monetary union, accepting responsibility for Nazism, and even suggesting that compensation might be paid to forced laborers.
European monetary union meant the loss of responsibility for monetary and exchange-rate policies.
For good measure, the Bank of Korea, the central bank, would assume full responsibility for monetary policy.
Central bankers, robbed of their responsibility for monetary policy, are eager to choreograph bank restructuring in their own national markets.
German officials had warned that adding the politically fraught business of bank supervision to the E.C.B.'s responsibility for monetary policy would risk the bank's independence.
But he may be remembered most for his role as the first governor in the bank's three-century history to have independent responsibility for monetary policy.
Complaints about its meddling are legion.In a small country, Mr Volcker says, a central bank can take responsibility for monetary policy, the drafting of regulations and the supervision of financial institutions.
Greece's prime minister has said the International Monetary Fund has "criminal responsibility" for the country's debt crisis as it emerged Athens could miss a €1.6bn (£1.15bn) payment to the lender this month.
Eleven countries, having slimmed their budget deficits enough to meet the requirements for joining Europe's new single currency, the euro, plan to hand responsibility for monetary policy to the European Central Bank (ECB) in less than ten months' time.But although Europe's economies are growing, they are still not growing in unison.
