It has been a tough few weeks for the world's central bankers. The summer's seizing-up of financial markets posed severe policy dilemmas, and led some critics even to question the value of central-bank independence. It could not be a worserntime for a politician to launch broadsides at a central bank. Yet that is what France's President Nicolas Sarkozy has done, triggering a public spat with his compatriot, Jean-Claude Trichet, president of the European Central Bank (ECB).
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