Daily Archives: December 15, 2011

John Gapper

It’s never a good sign when politicians resort to nationalism, or start to complain about other countries. When a central bank governor does it, things must be bad.

Christian Noyer’s suggestion that ratings agencies should downgrade the UK before they downgrade France would be funny if it wasn’t for the fact that he is the governor of the Bank of France.

I can understand, and even be amused by, the knockabout spectacle of French politicians trying to counterattack against the threat of France losing its triple-A rating by criticising the Brits.

But a central bank governor who is supposed to be above the political fray and to co-operate with other monetary authorities in easing the financial crisis? It isn’t very dignified.