Jean-Claude Trichet has hit back at German critics of his handling of the eurozone debt crisis, criticising governments for failing to shoulder their responsibilities and saying the European Central Bank deserved more praise for combating inflation.
In testy comments at a press conference in Frankfurt, the soon-to-depart ECB president said the bank had a better record on containing inflation in Germany than the country’s revered Bundesbank. “We have defended price stability over the last 12 years of the euro – impeccably! Impeccably!”
“I would very much like to hear congratulations for an institution which has delivered price stability in Germany over almost 13 years at 1.55 per cent approximately ... which is better than has been observed in this country over the last 50 years.”