Another one of those leading accountants who turned ‘economists’ and who destroyed Greeks and show remorse after they left office: Vitor Constancio, the Portuguese economist who served as the vice president of the European Central Bank from 2010 to May 2018.
After he left office in May and found time in his blessed retirement age, he sat down and wrote down his policy mistakes like a pupil.
“The excessive adjustment effort demanded from Greece generated a GDP collapse that was well beyond the program forecasts,” he wrote among others.
He uploaded his police mistakes on Twitter on Monday.
“The euro area problems resulted from the poor initial design and some policy mistakes. This slide shows my list of mistakes,” he tweeted.
In his presentation to LSE event on euro zone reforms, Contancio wrote down also his proposals, his “list of priorities for further reforms to strengthen the euro area.”
Here are some indicative reactions:
‘Greece: 11m people crushed, millions of young condemned to a miserable & uncertain future and the old & vulnerable to an early demise and you dare refer to these as Mistakes? This happened in your watch & the least that will do is Apologize & make sure the suffering ends. NOW.”
Where were was your voice and that of the ECB when Greece and the people of Europe needed to hear this criticism? Hindsight is a cop-out.
“in the full presentation, Vitor says repeatedly that the fall in periphery real interest rates after Maastricht was the ultimate cause of the credit bubble and hence the crisis. He states categorically that the large credit inflows should not have been allowed to happen.”
ECB making same mistake right now
Fact is that the ECB, the IMF did what they did, posted a laconic ‘ops! sorry!” but they never took responsibility or correct their spread sheet mistakes that brought despair over million of people.