Warning: This is a ‘tongue-in-cheek’ post
That said when I saw this ending to Desmond Lachman´s “A wake-up call for the ECB”:
While all indicators would suggest that the ECB should cut rates at tomorrow’s meeting, it remains to be seen whether they in facto do so. If they do not, we will get further confirmation that the ECB continues to be fearful of a negative response to its actions in Germany, the ECB’s main shareholder. While the highly indebted countries in the European periphery where unemployment is the highest are all clamoring for a proactive ECB, the same is not true in Germany. Relatively buoyant economic conditions in Germany and an inflation rate that is not far from the ECB target fuel strong domestic German opposition to any ECB interest rate move.
I tried to imagine what would be of the US if North Dakota yielded the same power over the Fed as Germany does over the ECB.
This is Germany relative to the Eurozone 17
And this is North Dakota relative to the 50 US states (+D.C.):