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The practical men in Frankfurt have become the slaves of a theory

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European finance ministers issued a concerted warning to Nicolas Sarkozy to stop undermining the European Central Bank by blaming it for France’s economic problems
The incoming French president was warned there was no enthusiasm for his election calls for the ECB’s mandate to be amended to focus it on creating jobs and growth as well as fighting inflation.
Financial Times 9/5 2007

Mr Sarkozy, a former French finance minister, has blamed the ECB’s obsession with fighting “inflation that doesn’t exist” for forcing up interest rates and the value of the euro against the dollar and other world currencies /the Yen/

Behind the rhetoric is a fear in some European finance ministries that Mr Sarkozy might demand a change to the ECB charter to make it more growth-focused in exchange for supporting the revival of the European Union’s constitutional treaty.

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