As the eurozone crisis continues to intensify, national tensions are being revealed and insults are starting to fly. But while we may be resigned to politicians occasionally throwing mud at each other, it is not something we should expect from our central bankers.
It was disappointing then, when Christian Noyer, head of the Bank of France (BoF) and member of the European Central Bank (ECB), announced in an interview, that if France was going to be downgraded by the ratings agencies, they should first downgrade the UK, “which has bigger deficits, more debt, higher inflation, less growth than us, and where credit is shrinking”.
