German chancellor defends ECB's independence

German Chancellor Angela Merkel on Saturday defended the independence of the European Central Bank (ECB) amid mounting criticism in France of the ECB and its euro policy.

"If we want to maintain confidence in the euro, we must leave it outside the political debate, leave the European Central Bank its independence and that is the very firm position of Germany," Merkel was quoted as saying by the French daily Le Monde.

Her remarks came after several French presidential candidates, including the top two hopefuls Nicolas Sarkozy and Segolene Royal, have criticized the ECB and its euro policy recently.

"The euro is based on a common decision that we all have made: to have an independent central bank," said Merkel, whose country currently holds the rotating presidency of the European Union.

She said nobody should lay the blame simply on the euro for difficulties brought about in adapting to globalization, carrying out reforms and solving social problems.

The chancellor also called on France to carry out reforms as Germany did for adapting itself to the euro in the face of globalization.

Source: Xinhua