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ECB PRESIDENT Jean-Claude Trichet has shared his belief that Ireland is on the road to economic recovery – saying the country is gaining further credibility.
Speaking in a press conference after the ECB left its main interest rates unchanged, Trichet told reporters that Ireland was a “following its path and has demonstrated a capacity” to implement the measures needed to regain its strength.
“When I look at Ireland I see a country which is gaining credibility regularly [...and is] increasing its creditworthiness,” he said.
“We can do nothing but encourage Ireland in this path. Improving confidence is, per se, an element of growth activation – which is, of course, of extreme importance.
“Continuing in this direction is good for conditions in the country, confidence in the external side of the country, and for job creation.”
Trichet also said he agreed with the position of Michael Noonan that senior bondholders in Anglo Irish Bank should share some of the burden for winding it down.
Earlier, Trichet had said that the ECB was lowering its projections for European economic growth for the coming year – and warned that growth could be at the lower end of the expected window.
Having previously expected Eurozone economic output as a whole to grow by 0.6-2.8 per cent next year, the ECB now believes that growth will be somewhere between 0.4-2.2 per cent, he said.
Trichet blamed the slow recovery on the Japanese earthquake in March, as well as ballooning oil prices, which had hurt general demand and manufacturing output.
Inflation across the bloc was likely to stand at between 1.2 and 2.2 per cent next year, he said – a relatively low level, significantly lower than had been previously anticipated.
A lower inflation rate usually brings with it a lower central bank independent rate – which is good news for Irish mortgage holders, who until recently were facing the prospect of even higher interest rates.
Today’s meeting of the ECB’s governing council is Trichet’s second-last as President, and his last in Frankfurt: after next month’s meeting in Berlin he will hand over the presidency to Italian central banker Mario Draghi.
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Well done Ireland for leading the race to the bottom
Oh shag off.
Is it just me or does Trichet look like Frank Dreben of the Naked Gun movies in the pic above??? LOL!
ok
Yes. In drebbin does Europe, he would appear as his long lost French brother. Then they would fight over priscilla Presley. Drebbin would attack him with a baguette, he would try to garotte drebbin with a ring of garlic. I could go on.
Well the good news is that we are now so downtrodden and beaten and unable to fight back our assets can be sold off a lot cheaper , go fuck your self Jean Claude.
Trichet is losing credibility and decreasing his creditworthiness… Like that other eurocrat Barroso, the other day he says the euro is “resilient and strong” – hours later the arse falls out of the stock market…The game is up…All of this guff talk now is to keep us on the straight and narrow, keep us going along with the charade until their solution is upon us…Will our politicians even feign resistance at the idea of The United States of Europe? I think not.. We’ve been stitched up and sold out…
Ireland is on the road to recovery. Ireland is on the road to recovery. Ireland is… Say it enough times and it will come through,…, eh, no, only children believe in magic Mr Trichet. Ireland of the tax haven might be doing well …
I don’t even think that children believe Trichet at this stage, certain to go down in history’s “top 10 worst Central bankers of all time”.
He kept telling us that Greece was resolved, bailout 1, then bailout 2, at the monent Greek one year debt is 96% Vs Germany’s 0.4%, their 2 year is at 56%. Greece’s economy contracted by 12% in the last year, no wonder they can’t meet their targets, they are so punitive that they will destroy their economy.
The only thing that can save Greece from ending up as a 3rd world country is to either have its debt aggressively restructured, halved on essence, or else default totally and go to a new currency. The choice has between those 2 for several years, the EU has allowed the crisis to build, without care, without vision or strategy.
France and Germany have to stop running the EU as their personal fiefdom, and start running it for the good of the continent, otherwise it is certain to fail. As is, the whole project is really starting to fall apart. I can see it causing massive trouble Europe in years to come, as Rompuy, whom some in Brussles want to make “Permanent President” (Jesus Wept) tells the natives when to jump and they tell him to shove it.
Ireland is on the road to recovery! yes, with increasing unemployment rate and 0,4% economic growth! this is only IMF and ECB motivation!
Don’t you see folks? If you toe the European Line, you too can get a kind word in the ear from an unelected foreigner. Happy Days.
F**k off ECB, f**k off EU and f**k off IMF…..nough said
The man is as daft-looking as his picture above…
Meanwhile the plebs suffer!!!
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