Should the ECB put aside the struggle against inflation ?

The European Central Bank (ECB) declared on January 23rd that a lowering of interest rates is not, for the time being, on schedule in the eurozone, contrary to the American Federal Reserve that reduced its main interest rate in order to try and calm down the current crisis in the stock exchange. The daily criticises the ECB for being so inflexible. "It is difficult to imagine in the context of a strong euro, of a hike in petrol prices, of fragile household consumption, of a drop in investments, of mushrooming unemployment and of a financial crisis, that inflation represents a threat greater than growth. ... One day we will have to strike the Gordian knot that condemns Europe to live crises even longer and more intense than those in the United States. The ECB would gain moral authority and political weight to demand necessary structural reforms if it were to place monetary policy at the service of recovery."

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