On July 11, a source in the European Parliament told RIA Novosti that several southern EU countries, including Spain and Cyprus, are in favor of introducing changes to the mandate of the ECB, which is based on the model of the German Federal Bank.
"It is obvious that Germany is controlling the ECB policies even though recently there is a strong sentiment against German policies and the possibility of the introduction of a weaker euro that will be used by poorer countries. The Eurozone since its introduction 15 years ago has only brought pain and misery to the European south," the spokesperson said.
According to the ELAM spokesperson, ECB policies based on strict fiscal constraint have led to a loss of national sovereignty, increased privatization, reduced public care and increases for the wealthy privileged few.
The ECB is a financial institution that administers the monetary policy of the Eurozone, a currency union of 19 of the 28 EU member states.
