Friday 23 February 2018

One in the eye for those who insisted it couldn't be done

Jean-Claude Trichet
Jean-Claude Trichet

Antoin E. Murphy

November 2010 was a bitter and surreal month. Ice and snow abounded as the international media caravan set up camp outside Leinster House awaiting news of a big event.

This event was choreographed by the then president of the European Central Bank, Jean-Claude Trichet, who had decided that direct and indirect lending by the ECB to Ireland, amounting to more than the Irish GDP at the time, had become excessive.

Something had to be done about it and so the public relations division of the ECB tipped off journalists across the world that there would be a big event in Dublin.

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