ECB must look at growth as well as inflation: France

French President Nicolas Sarkozy said on Monday the European Central Bank should look at growth and not focus solely on inflation, which he attributed to the surge in commodity prices.

By Agencies | Jul 01, 2008, 12.07 AM IST

PARIS: French President Nicolas Sarkozy said on Monday the European Central Bank should look at growth and not focus solely on inflation, which he attributed to the surge in commodity prices.

Sarkozy said the major driver of inflation was the high price of oil and any increase in interest rates, even doubling or tripling them, would make no difference to the price of crude and thus would not solve the inflation problem.

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