Giotto - Wikipedia
Marriage of the Virgin by Giotto in the Scrovegni Chapel. a rock and that the artist Cimabue, who happened to be passing by, saw him at work. Still there are some analogies between the relationship that Giotto had of the European Central Bank is more a memo item than a real guide. Giotto di Bondone known mononymously as Giotto and Latinised as Giottus, was an Italian The great Florentine painter Cimabue discovered Giotto drawing pictures of his sheep on a rock. They were so lifelike that The marriage produced four daughters and four sons, one of whom became a painter. By , Giotto.
It would have needed to be able to be seen from the back of the church. And it's important to remember that it would have been behind an altar raised up from the ground in the space of a church.
- Cimabue, Santa Trinita Madonna
- Cimabue and Giotto, the Bundesbank and the ECB: an analogy?
Very different than the space that we see it in today. So all of that gold would have glistened in a very different way. And kind of important because the churches are relatively dark, so that gold would have been really wonderful and luminous. Of course it also has an important symbolic value and that is the light of heaven. One of the things that we look at when we think of Cimabue I think going back to Vasari, who really starts his history with the Renaissance with Cimabue is some hints at the beginnings of the Renaissance.
And so when we look at this, we begin to see some of that illusionism that we think about with the Renaissance. Vasari was certainly not a careful art historian but I think that there is a space that she can sit in.
It's not a rational space. You had mentioned that this is the space of heaven. So I think this is a certain degree of license. Now this is a painting that would have been hung fairly high and yet somehow we're looking down at the step on which the virgin's feet rest.
We're looking actually down on the seat but we're looking across at the Old Testament prophets down below. And up at Mary herself.
Art in Tuscany | Cimabue
And so there's all kinds of contradictions here. Right and yet we can read that the sides of her throne are closer to us that the parts of the throne by her shoulders are set back into space. And there's even a kind of velocity that moves our eye back into space. If you look at the lines that are painted on the steps, for instance, where the virgin's feet rest, it does bring us back into space and creates a kind of visual pathway. And those figures of the prophets in the foreground are even closer still.
Let's start down with them because this is curious. They're in a kind of impossible space in the basement under the throne. I mean what is that? They did predict the coming of Christ.
Cimabue, Santa Trinita Madonna & Giotto's Ognissanti Madonna
Okay so this is very much a Christian perspective and the Christians are looking back to the Old Testament, laying literally the foundation upon which Christianity is built. So I guess it makes sense that they are below.
They're holding scrolls as opposed to books, and that's how we can recognize instantly that they are not the evangelists, that they are actually from the Old Testament.
Mary was an enormously important figure at this time. Christ was a little terrifying to the medievel mind. Mary grew in importance what is known as the cult of the Madonna, the cult of the virgin, as an intercessor to her son. That is, people would pray to the virgin Mary, and hopefully she would speak maybe to God on your behalf. That's right and that's exactly how Cimabue shows Mary to us here. She's pointing to Christ, in a way addressing the viewer, and then pointing to the Christ child, her son, and saying, "This is the pathway to God.
Now Christ, for his part, is looking back to us. His two fingers are raised as if he is blessing us. And the ECB has shown to use, in an innovative way as we shall see, this technology also during the crisis, as shown by the following two charts. Inflation Expectations Professional Forecasters.
European Central Bank The second chart shows that ECB has managed to effectively control not only inflation forecasts but also actual inflation throughout the euro area since it took the responsibility of monetary policy. Indeed experience showed that it was simplistic to take a reference growth rate of a monetary aggregate as an intermediate target. Money can give useful information for the conduct of monetary policy, but extracting this information requires much more analysis than just comparing the actual rate of growth of money to a reference rate.
As a consequence, the so-called second pillar of the monetary policy strategy of the European Central Bank is more a memo item than a real guide.
If anything, my sense is that it took too long to the European Central Bank to unshackle itself from a misguided devotion to monetary aggregates. A real difference between the Bundesbank and the European Central Bank is to be found in the attitude towards the internationalization of the currency.
For long years the Bundesbank fought a quixotic fight to try and avoid the internationalization of the D-mark, lest the conduct of monetary policy be disturbed. The European Central Bank took, instead, an equanimous approach to the internationalisation of the euro: It would not, however, have as an objective a wider international use of the euro, even if one can perceive some sense of satisfaction in those Reports on the International role of the eurowhere some progress is documented.
More generally, the European Central Bank has had full awareness of being the second most globally relevant central bank after the FED, while the Bundesbank inevitably considered itself a national institution.
The only area in which the ECB arguably did not fulfil all its responsibilities as a global institution was in its restricted approach in granting euro swaps to non-euro but European central banks during the crisis, thus somewhat not fully standing up to its role as regional monetary leader.
Another area in which the European Central Bank differed from the Bundesbank has been in its attitude to purchases of government securities. While the Bundesbank had and still has a revulsion towards purchases of government securities, arguably as a consequence of the havoc played by such purchases in the hyperinflation of the twenties, the European Central Bank has shown a much less anxious attitude toward these purchases, recognizing that they are a legitimate tool to implement monetary policy.
This difference of attitudes emerged strongly when the European Central Bank announced the Outright Monetary Transaction OMT program and led to the confrontation in front of the German Constitutional Court mentioned above.