error in the intro?

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mrokl Posted: Mon, Jan 3 2011 1:52 AM

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of this book?

http://mises.org/store/Tragedy-of-the-Euro-P10439.aspx

"Member states of the ECB can run deficits and expect them to be financed by the ECB. This is not true with the Fed."

I've always thought it should read

"Member states of the Federal Govt can run deficits and expect them to be financed by the Federal Reserve. This is not true with the ECB."

am i mistaken somewhat or completely lost in the political organization again?