ECB sadly remains independent

Angela Merkel and Nicolas Sarkozy stressed the independence of the ECB At their summit meeting in Strasbourg. This stance will prevent a quick solution to the European debt crisis, the business paper Les Echos admonishes: "The true challenge was to put an end to the tug of war over the role of the European Central Bank, so as to prevent the Eurozone crisis from proving right all those who are already busy writing the single currency's obituary. ... Angela Merkel didn't budge an inch. But she did grudgingly accept a ceasefire with Nicolas Sarkozy: a pact of silence was agreed, with no one telling the ECB what to do, either one way or the other. Meaning that the Central Bank is to be left to its own devices. Paris is persuaded that the ever worsening situation will force Mario Draghi to open his coffers. The problem is that, today as in the past, the keys are in Berlin and time is ticking."

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