The ECB has recently published its accounts for the year to 31 January 2023 and this post is an analysis of the ECB's financial position. I've done a series of posts on the ECB's accounts, the most recent being this on the accounts to January 2021. Not everything I've predicted in this blog has come to pass, but I think the analysis of the 2021 position stands up pretty well. Rather than go back over the same ground this post focuses on the expenses the ECB incurs. Lets start with a table. This table shows the administrative expenses of the ECB for the period 2013 to 2023. In those 11 years total expenditure increased from £97m to £249m; an aggregate increase of 157%. If the ECB's expenses had increased at the same rate as (CPI) inflation, 2023 expenditure would have been £124m, roughly half on the actual outcome. In real terms the ECB is spending more money in 2023 than it did in 2013 - a lot more money. The good news is...