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Exclusive interview: Former ECB president Jean-Claude Trichet presided over Europe’s monetary response to the previous crisis. As the Covid-19 crisis escalates, he praises the current ECB’s fast initial response – while sticking to his long-held position that the mounting debt will have to be repaid.
A decade ago, unravelling banks were dragging Ireland deeper into the financial crisis. In a last-ditch attempt to circumvent contagion, Nama was established just ten years ago this week. Eight months later, the late Minister for Finance Brian Lenihan would head to Brussels to request a €67.5 billion bailout from the EU and the IMF after receiving a letter from European Central Bank (ECB) president Jean-Claude Trichet outlining this as a condition for liquidity to keep flowing into the beleaguered Irish financial system. Today, Trichet (77) looks on as Europe battles to contain another form of contagion – that from…
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