What is the responsibility of Europe and the Eurozone? Should the ECB not shoulder part of this responsibility? How far has easing in the US and UK also worked for the Eurozone? Does FED QE flow across swaplines into Europe and the world?



In the end, the only way to 'manage the world economy for the common good' would be to involve all the (main) players, so they can have an input in the matter of defining what the common good would be. You can know what is necessary, you can be right, but one central central bank cannot be effective, it is impossible to impose trust in your actions. The only way to get trust is through some cooperative process, that is reasonably transparent, in which some unanimity is reached on how to define the common good. Maybe Keynes was right, with the Bancor idea?