October 29, 2011 – 2:05 pm
The French left the presidency of the European Central Bank on October 31. It gives way to the Italian Mario Draghi. Record of eight years of a presidency marked by the seal of the crisis. The mandate of Jean-Claude Trichet President of the ECB ended October 31, 2011
The least we can say is that the end of term Jean-Claude Trichet has not been easy. The French left the European Central Bank (ECB), after eight years of presidency, when the euro area is experiencing a critical step – critical? – Of its crisis. For if the Europe Agreement birth Thursday morning in pain is an important step in the short term, it does not eliminate all long-term risks of contagion from the debt crisis.
We do not worship nor hate Jean-Claude Trichet, as it is more consensual than cleaving – it boasts of never having been outvoted by the Governing Council of the ECB. We respect him.For he succeeded in making the institution of Frankfurt an economic and political front. The markets were suspended in any of his words at monthly conferences of the ECB on interest rates. And since Europe is in crisis, he took part in EU summits as well as leaders and heads of government of member states of Euroland.
The route of Jean-Claude Trichet
1942: Born in Lyon
1969-1971: ENA
1978-1981: Economic Advisor, Valerie Giscard d'Estaing
1986-1987: Director of the Office of Edouard Balladur, Minister of Finance
1987-1993: Director of Treasury
1993-2003: Governor of the Banque de France
2003-2011: President of the European Central Bank
Of the review of eight years as president of the ECB, it can be fierce independence vis-à-vis the Franco-German policies.No sooner did he take the levers of the ECB in November 2003, accusing Jacques Chirac and Gerhard Schröder to gut the Stability Pact. In 2010, he opposed the will of Nicolas Sarkozy and Angela Merkel to involve private investors in the rescue of Greece. But we remember also its renewed calls for member states to implement a real economic governance of the euro area. Not to mention his extraordinary responsiveness during the financial crisis in August 2007 first, then in October 2008, noting that the interbank market is frozen, the ECB is the first to lend banks as much liquidity as they wish.
The strong euro, the result of the fight against inflation
Two of his actions, however, are highly controversial.
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