The problem with the European Central Bank is that it has a neo-liberal mandate. It cannot and will not serve the interests of EU citizens because that is not its job. See its role in the Greek crisis. Thus the Euro is doomed, as is the EU itself. Hélène Rey, a professor at London Business School, argues that the U.S. Federal Reserve determines global monetary policy. The Fed determines the interest rate for the use of the world’s most dominant currency, the U.S. dollar. Fed policy decisions, therefore, trigger the “global financial cycle,” which causes global capital to slosh around the world, placing severe constraints on national monetary policies.

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