Sarkozy's Dilemna: What Country is the ECB to Serve?

Austin, TX, Oct. 2, 2007 – Stratfor’s Geopolitical Intelligence Report this week discusses French President Nicolas Sarkozy’s belief that the European Central Bank (ECB) policies are undermining his vision for France. Sarkozy says the bank is pursuing policies that benefit Germany, and not France. The independence of central banks is supposed to guarantee that they follow policies in the best economic interests of the country. In this case, however, the question is: Which country is the bank supposed to serve? The concerns that Sarkozy expressed are not trivial. The ECB’s policies cannot support his goals while also supporting German needs. Therefore, should Sarkozy have to choose between his presidency and the European Union, which would it be?

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