In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military–industrial complex. The potential for the disastrous rise of misplaced power exists, and will persist.
U.S. President Dwight Eisenhower
Today, the military hardly has any influence on European governments.
In contrast, the European Central Bank (ECB) is a very powerful institution. Former ECB President Trichet put pressure on government leaders with (secret) letters. Former ECB President Draghi said “whatever it takes“, and the euro crisis was over.
What group of people has the greatest influence on the ECB?
Bankers? Lmao. A quick look at the share prices of European banks tells you everything you need to know about the “power” of private finance.
No, academics are the real rulers of the ECB.
Sounds absurd?
Three of the four Members of the Executive Board1 have PhDs in economics (Lane, Panetta, Schnabel). Two of them are professors.
Former President Draghi was a professor.
After your tenure at the ECB, you can pass the revolving door into a professorship.
For the lesser gods of economics, the ECB has conferences and research positions.
Maybe Europe should guard against the acquisition of unwarranted influence by the monetary–academic complex. The potential for the disastrous rise of misplaced power exists, and will persist.