All this clearly goes far beyond the issue of price stability, which is the limit of the Bank's legal responsibility.

ECONOMIST: Japan��s economic policy

As early as 2001 it became the first country to breach the 3%-of-GDP borrowing limit set by the European stability and growth pact.

ECONOMIST: Chronically weak growth is Portugal��s gravest problem

Powerful institutions such as the Bundesbank, the trusted guardian of economic stability, and the constitutional court, which has said Germany is close to the limit of how much power can be surrendered to the EU, do much to set the boundaries of the euro debate.

ECONOMIST: The euro crisis