Politicians Attack European Central Bank
French Finance Minister Nicolas Sarkozy has criticized the European Central Bank's (ECB) strategy for governing the euro zone's economy.
French Finance Minister Nicolas Sarkozy said that the ECB concentrated too much on keeping inflation below its target of 2 percent and too little on economic growth and job creation."I believe in fighting against inflation, but first of all in fighting for economic growth and employment," Sarkozy said, speaking at a debate on European economic governance. "What bothers me is this 2 percent level and the fact that sustainable growth takes second place. It is something that could be looked at. I am a bit uncomfortable with it." Sarkozy's comments come shortly after another attack on the ECB and its independence - from Italian prime minister Silvio Berlusconi, who suggested - on the margins of last weekend's G8 summit - that a "political committee" should be established to guide the decision-making of the ECB if the bank failed to do what the politicians want - and lower interest rates.