European Central Bank
In accordance with the European Central Bank Act and the European Constitution, the Office of Economics establishes the European Central Bank. This is the central bank responsible for monetary policy of the Eurozone and the regional currency, the euro. It is also a bank where states can come to request bailouts, financing, debt consolidation based upon their credit worthiness.
The current President of the European Central Bank has yet to be determined.
Reserves: €1,670 billion
Currency: Euro (€)
Bank rate: 0.05%
Elections for the position of President of the European Central Bank will be opened. Those who wish to be considered must provide information about their candidate by 19 July 2015.
Renata Kligenberg Commissioner for Economics
Dr. Michael Reed The United Kingdom of Great Britain and Ireland Age: 54 Experience: Former Commissioner of Economics for two elected terms and one emergency term.
Since there are no other candidates it appears that Dr. Michael Reed will be the new ECB president. On behalf of the nation of Miraco, one of the leading eurozone economies, we wish to extend our congratulations to Dr. Reed. May we see a stronger Eurozone under your direction.
Eloise Murray Councillor of Miraco
On behalf of the Hellenic Republic of Graekia, we would like to express our intention of joining the Eurozone and adopting the Euro as our currency, following vast economic reforms we believe that our policies have fallen in line with the admission requirements outlined by the European Central Bank.
Councillor Nikolaos Kosta The Hellenic Republic of Graekia
I should like to vouch for the economy of Graekia as a suitable candidate for inclusion in the Eurozone. I have examined the Government's books and can confirm that they are well ... ummm ... errr ... books. By a miracle of creative accounting, they have a triple A* credit rating and a substantial budget surplus whilst managing to spend significant amounts of public money without the need for any tax collection.
George Osborne - Partner Smarm, Charm and Snake Oil Accountants
The European Central Bank has conducted its own audit of the Greek economy and these are the results:
GDP per capita: €31,938.05 GDP: €55.5 billion Government Surplus: €337.6 million Income Tax Rate: 10% Unemployment: 4.22%
These combined with a fully functioning, democratic system of government and superb civil rights record make Graekia an excellent candidate for the Eurozone.
We issue an approval of Graekia's application.
Dr. Michael Reed President of the European Central Bank
The Federal Republic of Germany shows interest in joining the Eurozone and changing their currency.
As the newly appointed Commissioner for Economics, I am currently undertaking a review of the operation of the European Central Bank. Whilst nations are still able to apply to the Bank to adopt the Euro as their currency, no application will be determined until the review is complete.
A joint statement by the President of the European Central Bank and the Commissioner for Economics
Today has seen unprecedented pressure upon the Euro currency. There seems to be rumour abounding upon rumour following a speculative and irresponsible report by the Californian Broadcasting Corporation suggesting that various nations are on the point of exiting the currency union.
Of course nations are free to leave the Euro should they wish to do so, but they have to be aware of the severe economic repercussions that are likely to follow such an exit. Exiting a currency union is not something to be undertaken lightly.
The Commissioner has today been meeting with the Finance Ministers of the Euro nations. There is nothing unusual in this and investors should not read anything into the existence of such meetings.
To support the Euro and prevent its further decline in the markets tomorrow, the President of the European Central Bank wishes to announce a 2% rise in the base interest rates of the Eurozone, from 3% to 5%. Rest assured we will do everything necessary to safeguard the integrity of the Euro.
Dr Michael Reed - President of the European Central Bank
Dr Suzannah Beech - Commissioner for Economics