Euro-zone politicians have been warned that the European Central Bank (ECB) will resist attempts to interfere with its role as guardian of the euro's stability.

In the latest clash between the ECB and the euro zone's political leaders, Mr Klaus Liebscher, Austria's central bank governor, has rejected the idea floated among EU finance ministers that responsibility for the euro could be shared.

"We have a clear mandate on the euro," he said.

"Responsibility for the stable euro lies in the hands of the ECB governing council. The ECB is an independent body and independence is a very highly valued good."

His comments followed the suggestion by Mr Karl-Heinz Grasser, the newly appointed deputy finance minister for the euro, that Europe's single currency could be managed in a similar manner to the US dollar, where the Treasury speaks about the currency.

A member of the ECB's governing council, Mr Liebscher is regarded as one of its more conservative voices. But his comments underline the bank's determination to preserve the discipline it believes is essential for the long-term future of the monetary union.

Last week Mr Jean-Claude Trichet, ECB president, clashed with Europe's politicians over proposals to reform the EU's Stability and Growth Pact, warning against a "dangerous" weakening of the fiscal rules that underpin the euro.

In Germany, Bundesbank president Mr Axel Weber is at loggerheads with Finance Minister Mr Hans Eichel over the German central bank's opposition to changing the pact.

The 12 euro-zone countries have agreed to appoint a semi-permanent euro-group president, with Mr Jean-Claude Juncker, Luxembourg's prime minister, assuming the role from January. Mr Grasser, Austria's finance minister, will be his deputy.

On the euro-zone economy, Mr Liebscher expressed confidence that, despite higher oil prices, "robust growth is at hand". (Financial Times Service)