The European Central Bank’s Outright Monetary Transactions program is “perfectly legal,” and the German Constitutional Court should recognize that it is crucial for both Germany and Europe as a whole, former ECB President Jean-Claude Trichet said.
Mario Draghi defied his own staff at his first meeting as European Central Bank president and voted to cut interest rates. As the crisis rages on nine months later, he is shaping the institution more and more in his own image.
Former European Central Bank President Jean-Claude Trichet wrote to then-Irish Finance Minister Brian Lenihan at least three times in the five weeks before the nation sought a bailout in November 2010, the Irish Times reported, citing the letters.
European leaders failed to comprehend the gravity of the Greek debt situation, ignoring the European Central Bank’s warnings on government borrowing, outgoing ECB President Jean-Claude Trichet told CNBC television in an interview.