ECB's Mario Draghi Urges Central Banks to Align Monetary Policy …  ECB chief warns against competitive currency devaluations Speaking at a European Central Bank conference in Portugal, ECB President Mario Draghi says divergent monetary policies among major central banks can create uncertainty about their policy intentions.-Wall Street Journal

How is it that people have been put in jail for conspiring to create monopolies but central banks are exempt?

Here comes Draghi demanding that central banks act together around the world in a disciplined and forceful way. Surely this would create vast economics movements that over time that would result in an enormous snap-back in the other direction.

Central banks have monopoly privileges and only become more powerful when they act in concert.

Because of monopoly privileges, the market itself cannot constrain them. This is what Draghi wants.

Speaking at a European Central Bank conference in Portugal … Mr. Draghi said central banks should think about whether their policies are "properly aligned" with those of their peers. He warned that currency devaluations aimed at boosting competitiveness are a "lose-lose" for the global economy."

"In a globalized world, the global policy mix matters—and will likely matter more as our economies become more integrated," Mr. Draghi said. "The speed with which monetary policy can achieve domestic goals inevitably becomes more dependent on others."

Government exists without competition just as modern central banks exist without internal competition. When they work together, they can create enormous economic distortions.

The remarks indicate a "definite shift" in Mr. Draghi's thinking, said Frederik Ducrozet, senior economist with Banque Pictet & Cie SA in Geneva.   "It suggests that the ECB is increasingly concerned about those 'global factors' driving inflation that they cannot directly influence," Mr. Ducrozet said.