From Mr Daniel Campagne
Sir. Michael Langdon complains of my “ignorance” as to the task of the European Central Bank. He claims that the specific task with which it is entrusted: namely the control of inflation, was performed correctly. He would have been wise to consult the ECB first before confounding the FT reader with unsupported information. The ECB says: The ECB’s main task is to maintain the euro’s purchasing power and thus price stability in the euro area. The present crisis shows that it failed miserably. And, yes, the enormous losses resulting from this failure are the issue. No emotions involved, just figures.
Daniel Campagne,Altea, Spain