“You may be surprised to hear that I agree with Wim,” said Christian Noyer after a journalist made a blundering attempt to drive a wedge between Noyer, the European Central Bank’s vice-president, and its president Wim Duisenberg. The trick question was whether the ECB should worry about unemployment as well as inflation when setting interest rates. Duisenberg’s answer was no, there was no trade-off between inflation and unemployment.
The press conference on July 8 in the ballroom of the Frankfurt Marriott hotel was only the second time since the ECB started in June that Duisenberg and Noyer had faced reporters’ questions.
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