There is almost no public debate in the eurozone about the European Central Bank's monetary policy. The faltering economy was a factor in the electoral defeat of Gerhard Schröder, Germany's chancellor, in last Sunday's state elections. In France, it is playing into the hands of the No campaign against the European constitution. Yet it would not occur to European politicians to blame the ECB's persistent refusal to cut interest rates.

It is noteworthy therefore that the Organisation for Economic Co-operation and Development yesterday called for "a significant cut in policy rates". Jean-Philippe Cotis, chief economist, argued this could help sustain domestic demand at a time of weak economic growth and structural change.