The Frenchman was President of the European Central Bank (ECB) from 2003 to 2011.
(Photo: imago/Independent Photo Agency)
Frankfurt As its second president, Jean-Claude Trichet led the European Central Bank (ECB) through the financial crisis. During his tenure from 2003 to 2011, he repeatedly raised interest rates, earning a reputation as a fighter against inflation.
Under his successor Mario Draghi, a long phase of extremely low inflation and interest rates in the euro zone followed until the pandemic. From Trichet’s point of view, this time was an exceptional situation: “We will not go back there.” The Frenchman expects higher inflationary pressure in the longer term for three reasons: the partial reversal of globalization, the fight against social inequality, combined with higher wages, and the expensive Conversion to a climate-friendly economy.
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