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Nicolas Sarkozy
President Nicolas Sarkozy is drawing up plans to boost the political accountability of the European Central Bank
Mr Sarkozy wants the ECB to publish regular minutes of the meetings of its interest rate-setting governing council, a controversial proposal likely to be seen by the bank as a direct assault on its independence because of the pressure it would place on the national representatives who sit on the body.
Financial Times, July 20 2008
On the question of publishing minutes, the ECB has long been opposed. It argues that national central bank governors would be under pressure to explain their position to national audiences – undermining the principle that the ECB acts in the interests of the eurozone as a whole.