David Marsh, London & Oxford Capital Markets | January 12, 2009
2009 will be a challenging year for EMU and Franco-German relations regarding which economic policies to adopt. ++ The two countries traditionally differ on their stance vis à vis the role of the ECB, namely its degree of independence. ++ The French have often accused their neighbor of gleaning "unfair economic advantage from the EU." ++ Criticism has risen under Sarkozy and culminated when he contested the ECB's interest rate decisions. ++ Now is not the time to agitate however, as Europe is facing "probably worst recession since WWII."