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October 31, 2005

The world consensus on Bernanke

If the designation of Paul Wolfowitz as the head of the World bank, or John Bolton as the US Ambassador to the United Nations, and more recently Samuel Alito as the candidate for Supreme Court justice are controversial in the European press, the consensus is much stronger for the choice of the Federal Reserve’s president, Ben Bernanke. Of course, the French newspapers insist on the friendship between Bernanke and Bush (le Figaro) But at least, comments Le Monde, the President “did not repeat the error made with the nomination of Harriet Miers at the Supreme Court.”
With Bernanke, the Bush administration “chose the most consensual candidate”, “the minimum risk strategy,” insists the Parisian newspaper.
“He is an experienced economist who has a lot of practice,” states L’Expansion “He imposed himself as one of the best specialists of the monetary policy,” insists Liberation. “If he is considered as a moderate Republican, Bernanke will have to reassure on his independance vis-a-vis the Bush administration,” says Le Figaro, which describes him as “a little bit too much academic.” It is not easy to succeed to Alan Greenspan, who is often considered “the greatest central banker of every time,” recalls Liberation
He has committed to act in the continuity of his predecessor, but there is some confusion in the analyses. If his research on the Great Depression and more recenty on the risks of deflation in the United States has designated him as a dove, all commentators state that Bernanke will be much more orthodox than his predecessor. He will most probably opt for the fight against inflation which, ironically, brings him closer to the positions of the...European Central Bank.
Francoise Delstanche
Journalist

Posted October 31, 2005 10:42 PM

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