Ten minutes walk from Frankfurt's main railway station, through a
warren of sex shops and seedy gambling dens, two dozen of the most
powerful unelected people on the continent gather once a fortnight to
try to save Europe from itself.
Around a large circular table on the 36th floor of the Eurotower that soars over the city centre red-light district, Mario Draghi chairs the meetings of the governing council of the European Central Bank which have supplanted EU summits and finance ministers' sessions as the key events deciding the fate of the euro — testimony to the failures and fecklessness of the EU's elected leaders.
The Italian central banker radiates understated gravitas and charm, has been in office not even a year, and has already been dubbed the euro's saviour, the most important central banker on the planet, the most powerful person in Europe with the possible exception of chancellor Angela Merkel of Germany.
Draghi's expanding battery of weapons for combating the euro crisis is to be strengthened immensely on Wednesday when the European Commission unveils new draft legislation putting the ECB in charge of supervising the eurozone's 6,000 banks, with the power to grant and withdraw licences.
Read more: http://www.guardian.co.uk/business/2012/sep/11/european-central-bank-powers-grow
Around a large circular table on the 36th floor of the Eurotower that soars over the city centre red-light district, Mario Draghi chairs the meetings of the governing council of the European Central Bank which have supplanted EU summits and finance ministers' sessions as the key events deciding the fate of the euro — testimony to the failures and fecklessness of the EU's elected leaders.
The Italian central banker radiates understated gravitas and charm, has been in office not even a year, and has already been dubbed the euro's saviour, the most important central banker on the planet, the most powerful person in Europe with the possible exception of chancellor Angela Merkel of Germany.
Draghi's expanding battery of weapons for combating the euro crisis is to be strengthened immensely on Wednesday when the European Commission unveils new draft legislation putting the ECB in charge of supervising the eurozone's 6,000 banks, with the power to grant and withdraw licences.
Read more: http://www.guardian.co.uk/business/2012/sep/11/european-central-bank-powers-grow
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