Resignation at European Central Bank Hints at Split.

[elleng]

'Discord over the response to Europe’s sovereign debt crisis spilled into full view Friday when a central member of the European Central Bank’s executive board unexpectedly resigned, intensifying fears over the euro currency zone’s ability to work together to restore desperately needed stability and to calm nervous markets.

Jürgen Stark, a German who is the E.C.B.’s de facto chief economist and also a member of its policy-setting governing council, will leave his post as soon as a replacement is named, the bank said.

The E.C.B. said that Mr. Stark was leaving for personal reasons, but analysts speculated that his departure was connected to his well-known opposition to E.C.B. purchases of government bonds, which are part of an effort to ease investor pressure on countries like Greece and Italy.

If so, Mr. Stark’s resignation would be another fissure in the edifice of European unity, which has suffered as wealthier countries like Germany have been asked to underwrite poor performers like Greece.'

http://www.nytimes.com/2011/09/10/business/global/a-top-ecb-official-to-resign.html?hp

[Hydra]

1. What a cluster

Proof that bigger (fraud) is not better, and rigged votes don't lead to utopia.