I have been saying for a long time that the ECB is the most powerful entity in the EU Single Currency Zone. It dictates the cost of money and can withhold funds from countries which do not agree with the German Dominated Bank in Frankfurt and the EU bureaucrats in Brussels .

Best example was how the ECB cut Emergency Funding of the Greek Banks in 2015. Basically the Greek National Parliament is powerless to control their own money. The ATM ran dry in Greece because of the ECB. The Euro Zone is the only example of this outrageous policy.

A National Parliament should always have oversight of their countries money.

Japan BOJ is controlled ultimately by the Japanese government
USA Federal Reserve is ultimately under the control of the USA Congress which created it.

The ECB is controlled by Germany(800 Pound Gorilla) basically and has no oversight by any National Parliament. This takes away all Political power of a National Parliament and make these elections of the Euro Zone States basically just a formality. Democracy in the EU is dying my friends. Greece has had election after election and is completely powerless to control their money and they are trapped to follow German dominated policy. The option of leaving the Euro Zone is probably so damaging that Greece still refuses but they must.

Margaret Thatcher was years before her time.