Europe's divisions over how to fight inflation were put on full display yesterday when José Manuel Barroso, the European Commission president, leapt to the European Central Bank's defence against its political critics.

"Basically, when it comes to inflation, I have more confidence in the position of central bankers than in politicians," said Mr Barroso. "I'm saying that with all respect, because I myself am a politician. I say it because central bankers are not moved by short-term political pressures."