Techno's diary, mentioned earlier in this thread by Pierre (link) also made me think a bit more about this. I guess a central bank solely focussed on combatting inflation is not always a good idea under all circumstances (e.g. circumstances under which politicians follow an otherwise irresponsible fiscal policy).

Now techno offers several ways to think about money, which are interesting. I think about money mostly as an institution. For the everyday person it is best if this institution is stable, for several reasons (transparancy on the market, ability to plan finances over a longer horizon, cost and risk of engaging in various kinds of transactions). This is especially true for a new currency like the euro, which people have to get used to.

Although I think that the policy to keep the euro strong and stable is generally a good one, I do not necessarily agree with every statement by Duisenberg and Trichet, of course. I do think that wage increases should not structurally go above increases in productivity, as they do in Spain -- definitely not in Germany. On the other hand, central bankers should of course speak out more against the unhealthy wealth capture by the have-mores, which they don't.