Economist -  As recent events have shown, central bankers cannot act entirely outside their political context. In most countries suitable channels exist for governments to make their views known, without threatening their central banks’ independence. A “euro group” of finance ministers exists, but there is little genuine dialogue between national governments and the ECB. Sadly Mr Sarkozy’s attacks only make the ECB more stubborn in refusing to listen to politicians. Yet it could find it helpful to have more exchanges with national governments—provided they are discreet and unpublicised. Making monetary policy by megaphone never leads to good results.

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