Annoyed Euro Central Bank President Defends ‘Fiercely Independent’ Euro
- Posted on September 9, 2011 at 10:12am by
Becket Adams
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European Central Bank President Jean-Claude Trichet has garnered some 
media attention after he launched into in a heated monologue stemming from a question about Germany leaving the euro zone.
During his indignant lecture, he said:
“Can I remind us, that in 2004 and 2005 some important governments in Europe were asking for weakening the Stability and Growth Pact? Do you remember that? Do you remember which governments?” He asked while referencing France, Germany, and Italy as the countries lobbying for eased restrictions on euro zone regulations.
According to Trichet, the ECB has performed admirably since the birth of the euro as a “fiercely independent” institution that has resisted the desires of EU governments — even during what he calls “the worst crisis since WWII.”
“We have delivered price stability over the first 12 years and 13 years of the euro–impeccably, impeccably,” Trichet affirmed.
“I would like very much to hear the congratulations for an institution which has delivered price stability in Germany” at a level which is “better than what has ever been obtained in this country over the last 50 years,” he said
According to Business Insider, he called controversial interest rate hikes earlier this year “appropriate” given the inflationary situation at the time, although he announced that the ECB now sees inflation risks as balanced.
The ECB chose to maintain interest rates at 1.50 percent, and revised growth expectations for 2011 and 2012 downward.
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Mikev5
Posted on September 11, 2011 at 7:38pmAll these people are crooks and deceivers they never tell the truth its one lie after the next.
Report Post »Beerbear
Posted on September 10, 2011 at 11:19pmThe Euro is independent?
Truth is, without Germany, Austria and a few other rich countries, there wouldn’t be any Euro anymore. We‘re holding this stillbirth up with additional debt that we can’t really afford! Austrian national debt was supposed to be as high as 75% of the GDP in 2012. Guess what. We’re already at 80%, thanks to the Euro, the EU and the PIIGS.
Of course, the braindead zombie the Germans have as chancellor said that Germany owes her wealth to the Euro. Hey Merkel, I remember Germany being quite wealthy when I grew up, when they still had the Deutschmark. The Euro has NOTHING to do with this, but rather’s this is the achievement of the working people in Germany, those who don’t live off the German welfare state which is eating up close to 50% of the annual budget by now.
By the way, the EU also stated that the Lisbon Treaty doesn’t allow anyone to leave the Euro-zone. However, my argument is that this “treaty” violates the entire democratic concept. All power in a democracy comes from the people. But we, the people, weren’t allowed to vote on this “treaty”. Thus this treaty is not binding for us, the people.
Let’s besiege and sack Brussels and make those Eurocrats dance with Madame Guillotine.
Report Post »MUDFLAPS
Posted on September 9, 2011 at 6:36pmthe EU should be dismantled.
Report Post »123456beatriz
Posted on September 9, 2011 at 3:26pmGermany should not be the nanny of the Greeks. See? the parasites are the socialists!. USA is time to see the mirror!
Report Post »Andy
Posted on September 9, 2011 at 3:03pmFiercely Independant? Fiercely WORTHLESS!
Report Post »Snowleopard {gallery of cat folks}
Posted on September 9, 2011 at 2:27pmListen and listen well, the days of the European Union are coming to an end, and when it goes under we will be next in line unless we prepare right now for it.
Report Post »Seamus236
Posted on September 9, 2011 at 1:40pmI would think Mr. Deo of UBS Economics might be living on borrowed time after his scathing report on the PIGS dumping the Euro. Must be some truth to his report.
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