Having failed to bring the European Central Bank to heel with tantrums, President Nicolas Sarkozy of France is now trying to undermine the ECB with a Trojan Horse package of reforms. He has unveiled plans to publish minutes from the central bank's governing council, including details of how each member argued on interest rates. He wants to introduce a forum for eurozone finance ministers with a secretariat linked to the ECB. His proposals highlight genuine problems with the ECB, but Mr Sarkozy's package is flawed and would damage the central bank.

Inflation targeting is the most important macroeconomic policy innovation of the past 20 years. Isolating monetary decision-making from the electoral cycle has improved the credibility of policy and reduced expectations for future inflation. It relies on independence for central banks; saving them from political interference is essential.