Relatie ECB met de eurozone op spanning (en)

EUOBSERVER / BRUSSELS - EU finance ministers will gather in Finland today amid rising tension between some eurozone states and the European Central Bank (ECB).

ECB president Jean-Claude Trichet, who will also be present at the meeting, has come in for increasingly strong criticism from the political head of the 12-nation eurogroup, Luxembourg prime minister Jean-Claude Juncker.

Earlier this week Mr Juncker publicly linked the question whether he would stay on in his post as eurozone chief - due to expire at the end of this year - to an improvement in relations with the ECB.

"My decision to continue for another two years depends on several points which must be clarified and on which I insist, notably the role of the euro group in relation to the ECB," Luxembourg's La Voix quoted him as saying.

The remark is the latest in a series of asides at the Frankfurt-based bank begun in April when Mr Juncker and monetary affairs commissioner Joaquin Almunia wrote a joint letter to Mr Trichet asking for regular meetings to discuss economic and monetary policy.

Mr Trichet did not reply to the letter prompting Mr Juncker to speak about having a public dispute by "loudspeaker."

On Wednesday (6 September) Mr Almunia supported Mr Juncker again by saying "I think that that dialogue is already there and ... that it should be improved."

Irritation and annoyance

He also indicated irritation over perceived ECB meddling in economic policies such as when it called for labour markets to be opened, saying "I won't tell the Central Bank either what it should do in the areas of monetary policies and interest rates."

"We have different responsibilities, we have different tasks," continued the commissioner.

Their annoyance has been exacerbated by the fact that Mr Trichet has forbidden ministers from interfering in interest rate questions - although some of the eurozone's biggest member states have been concerned that economic recovery could be harmed by the increase in borrowing costs.

The ECB has raised the rates four times since December 2005 and at least one more rise is predicted before the end of the year.

During the meeting, Mr Almunia is expected to present the new economic forecasts for the EU and the eurozone with economic growth estimates for both having being revised upwards to 2.7 percent and 2.5 percent respectively.

Ministers are also expected to discuss the EU's representation in the International Monetary Fund (IMF) with its restructuring on the horizon.

Currently member states are represented individually but the US is pushing to increase the voting weights of emerging states such as China and India in the IMF meaning the pressure is on Europe to try and be represented by a single voice.