Biography
Ewald Nowotny
Who is he: Ewald Nowotny is a politician and economist. Nowotny holds posts within the Austrian Social Democratic Party and was a member of the Nationalrat from 1978 to 1999. Nowotny is also president (Governor) of the National Bank of Austria and a member of the European Central Bank (ECB)'s governing council.
Ewald Nowotny, then, is a "connected" individual, someone who is trusted by the Anglosphere elites that have stood behind the EU along with European ones. As the EU has started to fall apart, Nowotny and other stalwarts have stepped forward to defend the Union.
When EU Southern nations were attacked by the rating agencies, Nowotny fired back. He received a good deal of press attention for saying that the US rating agencies were basically useless and probably biased and that the EU would be better off without them.
Nowotny and others do not make such statements casually. There is paranoia among the Eurocrats that the Americans wish to sabotage the euro. This flies in the face, however, of the larger truth, which is that the EU is at least partially an Anglo-American invention. Certainly, if the Americans hadn't backed it throughout the years, the EU would not exist today. There is something self-contradictory about this paranoia and one wonders if the Eurocrats actually believe it themselves, or if it is mere posturing.
Nonetheless, Nowotny has continued. Ewald Nowotny is saying what is meant to be said, what the Eurocrats want to be said. Nowotny is attacking the heart of the free-market system and in fact has been banging this drum for a while. Nowotny also told Bloomberg that policy makers are facing a situation in which banks are willing to help stabilize Greece, while rating companies are applying "aggressive" rules.
Background: Ewald Nowotny was born in 1944 in Vienna. Nowotny graduated with a doctorate from the University of Vienna in 1966 and is a full professor at the Vienna University of Economics and Business Administration.
From 1999 to 2003, Professor Nowotny was vice president of the European Investment Bank in Luxembourg and from 2006 through 2008, Nowotny was the CEO of BAWAG P.S.K. After 2008, Nowotny received several high appointments and began his service as the Governor of the Austrian National Bank and member of the ECB governing council.
Because of the deteriorating situation in the EU's Southern areas, top Eurocrats like Ewald Nowotny are becoming more vocal and taking a high profile. What Nowotny is demanding, however, is that the market itself cease to attack the EU's PIGS. This is not practical but does provide a sense of how top bureaucrats view the EU.
They have evidently and obviously seen it as untouchable – a power far beyond any other except America. This arrogance is now costing them dearly, as they have no idea how to respond the EU's potential unraveling. Ewald Nowotny's statements, generally, bespeak a man divorced from the underlying reality of what is occurring. The tragedy for those who live in the EU is that Ewald Nowotny is by no means alone in his attitude and arrogance.
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