Druk uit Frankrijk en Italië op ECB om rentetarieven te verlagen (en)

French finance minister Nicolas Sarkozy yesterday (9 June) criticised the European Central Bank's (ECB) strategy for governing the euro zone's economy.

He said that the ECB concentrated too much on keeping inflation below its target of two percent and too little on economic growth and job creation.

Speaking at a debate on European economic governance, Mr Sarkozy said, "I believe in fighting against inflation, but first of all in fighting for economic growth and employment", according to the FT.

"What bothers me is this 2 percent level and the fact that sustainable growth takes second place", he said. "It is something that could be looked at. I am a bit uncomfortable with it".

He also repeated his call for a strengthening in the powers of the eurogroup - the body which comprises the 12 finance ministers of the countries that share the euro.

Political committee required: Berlusconi

Mr Sarkozy's comments come shortly after another attack on the ECB and its independence - from Italian prime minister Silvio Berlusconi.

Mr Berlusconi 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.

The ECB has come under strong pressure in recent months to cut its interest rates, which are already at historic lows of two percent.

Politicians want a cut in rates because lower interest rates tend to result in higher growth and less unemployment - something economies such as France's desperately needs.

But the ECB's mandate is just to keep inflation under control - and a cut in interest rates leads to a rise in inflation, which jumped sharply in May to 2.5 percent, partly due to a spike in the price of oil.

And the ECB has fiercely guarded its independence from politicians. Its President, Jean-Claude Trichet, has recently sharply rebuffed calls for a cut in interest rates from French President Jacques Chirac and German Chancellor Gerhard Schröder.

The bank has also fought off proposals in the draft Constitution that would redefine its mandate to include growth.