French President Nicolas Sarkozy, a long-time critic of the European Central Bank's monetary policy, is set to push for a change in the way the Frankfurt-based body is run. According to the Financial Times, France is working on a three point plan, which should encourage EU states to express their views on the ECB's monetary policy - something that Paris considers "legitimate". The French president wants greater co-ordination between the ECB and the eurogroup Mr Sarkozy wants the ECB to publish regular minutes of its governing council meetings where interest rates are set. Currently, this is done behind closed doors. He would also like to see the development of a permanent secretariat for the eurogroup - representing finance ministers from countries using the euro currency - in order to boost its policy co-ordination with the ECB. In addition, French leader wants to establish an "economic government" for the eurozone.
French President Nicolas Sarkozy, a long-time critic of the European Central Bank's monetary policy, is set to push for a change in the way the Frankfurt-based body is run.
According to the Financial Times, France is working on a three point plan, which should encourage EU states to express their views on the ECB's monetary policy - something that Paris considers "legitimate".
The French president wants greater co-ordination between the ECB and the eurogroup
Mr Sarkozy wants the ECB to publish regular minutes of its governing council meetings where interest rates are set. Currently, this is done behind closed doors.
He would also like to see the development of a permanent secretariat for the eurogroup - representing finance ministers from countries using the euro currency - in order to boost its policy co-ordination with the ECB.
In addition, French leader wants to establish an "economic government" for the eurozone.
And I want the Council to publish minutes of all its meetings, too. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
