ECB defends its independence as war of words escalates with Paris - by Carter Dougherty
The European Central Bank on Wednesday flatly rejected as "unacceptable" new French attempts to secure greater political influence over monetary policy. France did not give ground, however, and suggested that other countries suffering from the strong euro would come around to its view.
Article 108 of the 1992 Maastricht Treaty, which established the bank, emphasizes its independence from other European Union institutions and national governments. It explicitly states that European officials should "respect this principle and not seek to influence the members of the decision-making bodies of the ECB." In an interview published Wednesday in the International Herald Tribune, Jean-Pierre Jouyet, the European affairs minister of France, said Paris would press for euro-zone finance ministers to confront the ECB directly over interest rate policies.
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