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Annoyed Euro Central Bank President Defends ‘Fiercely Independent’ Euro

" . . . the worst crisis since WWII."

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.

One last thing…
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