marrant, on parle de Cheval de troie pour papa, là....
Having failed to bring the European Central Bank to heel with tantrums, President Nicolas Sarkozy of France is now trying to undermine the ECB with a Trojan Horse package of reforms. He has unveiled plans to publish minutes from the central bank’s governing council, including details of how each member argued on interest rates. He wants to introduce a forum for eurozone finance ministers with a secretariat linked to the ECB. His proposals highlight genuine problems with the ECB, but Mr Sarkozy’s package is flawed and would damage the central bank.
Mr Sarkozy’s other proposal is for closer co-ordination between eurozone finance ministers. Such a forum for co-ordinating fiscal policy is probably superfluous but definitely should not be linked to the ECB. Mr Sarkozy is really proposing to set up a cartel of finance ministers with an apparatus for bullying the central bank.
His campaign highlights a serious issue, however. If Europeans do not feel that the ECB acts in their interests, attacking the bank may become a regular pastime for populist politicians from across Europe. This will undermine the central bank. Mr Sarkozy’s plans are worse - they would damage it immediately - but they show a need for the ECB to explain itself better to the public.