Word: trichet
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Dates: during 2000-2009
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...almost 3% this year, while Ireland is likely to see more than 4%. But Italy is in recession, and most economists have been slashing their forecasts for Germany and France to only a tad in excess of 1% growth this year. Such differences create a dilemma for Jean-Claude Trichet, president of the European central bank, the body that sets monetary policy for the entire euro zone. Economists say the bank's 2% benchmark interest rate is far too low for the strongest economies, providing them with plentiful cheap money and helping fuel both a credit boom and, especially...
...same interest rate is almost certainly too high for the European Union's weakest economies. Germany's Economics Minister, Wolfgang Clement, recently urged Trichet to cut rates--so far, to no avail--and Italy's Welfare Minister, Roberto Maroni, even suggested that Italy should call a referendum on whether to readopt the lira. But after a meeting of the European central bank's council earlier this month that left policy unchanged, Trichet said the current rates were "appropriate" and "fully in line with what would be best to ... foster growth and job creation." The talk about Europe's dumping...
...services company, says it broke no rules, but it's under investigation by German prosecutors and British regulators, and the company has put the traders involved on leave of absence. Last week European Central Bank president Jean-Claude Trichet called for a "thorough" inquiry, while newspapers published internal memos that discussed strategies to "kill off" rivals - one scheme was reportedly dubbed "Dr. Evil" by the firm's staff, after the Austin Powers villain. Such language is typical. Bond trading "is like a blood sport," says Cari Lynn, who spent two years trading and has just written a book about...
...euro, hurting European exports. Wolfgang Clement, the German Economy Minister, said the European Central Bank should "do its part to calm the situation." But don't expect large-scale international intervention anytime soon; the U.S. shows no signs of being unhappy about the trend. Still, ECB president Jean-Claude Trichet "is caught between a rock and a hard place," reckons Credit Suisse First Boston economist Neville Hill: buoyant oil prices are contributing to higher inflation, but the bank can't raise rates because that would further strengthen the euro. Right now, the most Trichet can do is complain. Dividing...
...JEAN-CLAUDE TRICHET, European Central Bank president, on progress among the E.U.'s 10 newest members toward adopting the euro