'Jury' returns vote of confidence in central bank

EUROPE - Morgan Stanley Dean Witter, the US investment bank, recently held a conference at which the main attraction was a mock trial of the European Central Bank, as reported in the FT London.

The prosecution contended that the ECB had not delivered price stability, did not care enough about economic growth and lacked a convincing communications policy.

The defence conceded the point about communications policy. But it said financial markets believed in the ECB's ability to control inflation -