Bond vote highlights flaws in ECB’s governance: Ex-FSA head Davies

Former head of UK Financial Services Authority Howard Davies says vote on bond purchases underlines flaws in European Central Bank’s one member, one vote policy


The European Central Bank's (ECB) vote on its decision to buy government bonds outright underlines flaws in its governance, said Howard Davies, the director of the London School of Economics and a former deputy governor at the Bank of England.

In an interview with last Friday, Davies said: "It's the first time the ECB has said there was a vote. They actually said this was done by a majority view. That could be the thin end of a rather intriguing wedge because you then end up

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