Thursday 14 December 2017

Trichet should resign over mess we're in

European Central Bank (ECB) President Jean-Claude Trichet
European Central Bank (ECB) President Jean-Claude Trichet

Jean-Claude Trichet's appointment as president of the ECB was, from the outset, mired in nationalistic squabbles, the antithesis of a representative for a united European currency.

Despite the unseemly rancour, I expected that Mr Trichet would represent all the interests of eurozone members fairly. This has not happened for small eurozone members. The absence of any quantitative easing when necessary has been at the behest of a German government that has a pathological aversion to inflation.

The website of the ECB says its primary role is to monitor and assess financial stability and to maintain oversight of market infrastructures between borrowers and lenders, so that possible disruptions do not give rise to systemic risk. Given the above, what has Mr Trichet been doing since 2003?

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