Financial Times
October 4, 2011
Jean-Claude Trichet has dashed hopes that the European Central Bank will ride to the rescue of the eurozone by pledging to backstop crisis-hit member states.
In one of his last appearances as ECB president, Mr Trichet rejected the idea of the ECB acting as lender of last resort to governments. It was up to eurozone political leaders to restore investor confidence in Europe’s monetary union, he told the European Parliament.
“It is their responsibility, individually and collectively, to ensure financial stability. It is the way Europe has been constructed and it is the way, it seems to all of us, we must proceed. If it is not done by governments it will not be credible,” said Mr Trichet, whose non-renewable eight-year term finishes on October 31.
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