In a speech on 'Key issues for monetary policy: an ECB view' given on 5 October, Jean-Claude Trichet of the ECB said his understanding is that the European Central Bank and Federal Reserve are much closer than is sometimes underlined. But he noted differences in the explicit cross-checking, from a medium to long-term perspective, of the ECB's economic analysis with a detailed monetary analysis contrasted with the Fed's approach.

"First, both the ECB and the Fed place strong emphasis on the