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Nowotny Opens a Can Of Worms With Comments on ECB Votes
Today is Election Day in the U.S., but European Central Bank Governing Council member Ewald Nowotny seems more concerned with who’s voting at the ECB. In an interview with German business daily Handelsblatt, the Austrian central bank head expressed his sympathy for complaints that the ECB’s current voting structure is “problematic” for big countries such as Germany. Germany has contributed 27.1% of the ECB’s €6.36 billion in capital, but has the same voting rights as Malta, which has paid less than 1%. Austria paid only 2.8%. Mr. Nowotny said today’s voting structure need not be set in stone. “There ... (full story)