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Harvard Gazette: Summers, Trichet discuss euro Trichet, whose eight-year appointment began in November 2003, has held important economic and financial posts in the French government, formerly serving for two terms as governor of the Banque de France. Trichet agreed that certain structural reforms in the ECB's monetary policies will be necessary in the future in order to achieve a higher growth rate, but he argued that the bank's efforts to ensure stability have contributed to the region's prosperity over the last five years. Trichet agreed that hostility and mutual mistrust are to be avoided. www.news.harvard.edu /gazette/2004/04.08/11-euro.html   (669 words)

TCS Daily - Mr. Trichet is No Alan Greenspan Trichet at the very outset of his mandate is a sharply appreciating currency at a time that the major European economies are barely recovering from their mid-2003 recessions. Trichet might be wanting to solidify his credentials as an inflation hawk as he earlier did with his franc fort policy at the Banque De France. Trichet might fear that European finance ministers might interpret an interest rate cut now by the ECB as an indication that the ECB is condoning irresponsible fiscal behavior. www.tcsdaily.com /article.aspx?id=011504D   (768 words)

Global markets coping well with rate shift: Trichet - Boston.com Trichet said the Bank of Japan's move last week -- in which it joined other major central banks in ending an era of super cheap money -- had been well communicated and markets had taken it in their stride, as they had interest rate rises in the United States and euro zone. Trichet denied rate tightening could inhibit global economic growth, which he described as encouraging, comments echoed by other central bankers including BOJ Governor Toshihiko Fukui. Trichet said central bankers were concerned about recent threats to open markets and said protectionism -- along with global economic imbalances, high oil prices and the under-assessment of risk -- was a potential hurdle for global growth. www.boston.com /business/articles/2006/03/13/global_markets_coping_well_with_rate_shift_trichet?mode=PF   (785 words)

Forex News Update Trichet says France implementing reforms too slowly UPDATE   (Site not responding. Last check: 2007-11-03) Trichet said the flexibility of its economy is a very important asset for the US, but it also has an important liability in its lack of savings and its associated current account deficit. Trichet said he is convinced that the UK will one day join the euro because it is in its interests to do so. Trichet said he is personally in favour of more significant political union in Europe, but monetary union does not necessarily have to be backed by political union. www.forextelevision.com /FT/AFX/ShowStory.jsp?seq=95045   (723 words)

CNN.com - Trichet court move shocks Europe - July 16, 2002 Trichet was head of France's Treasury at the time of the government rescue of Credit Lyonnais, believed to have cost taxpayers more than 100 billion francs ($14 billion), The Associated Press reported. Trichet has been slated to replace Duisenberg, whose official mandate was for eight years, under a deal struck in 1998 to give the job to a Frenchman following Duisenberg's time as first head of the new bank. Trichet is widely respected in Europe, but the legal tangles have raised doubts over him becoming the world's second most powerful central banker after U.S. central bank chief Alan Greenspan. edition.cnn.com /2002/WORLD/europe/07/16/trichet.trial   (613 words)

[No title]   (Site not responding. Last check: 2007-11-03) Trichet, who had led a meeting of the G10 group of top central bank governors here, said bankers felt that “global growth is continuing at a pace that was dynamic and we even don’t exclude that global growth will be a little bit higher in 2006.” “We will see. Trichet said there were some recent signs of increasing investment, especially in the corporate sector. Trichet also said central bank credibility was important, providing one reason for low inflation expectations and hence low long-term rates. www.arabtimesonline.com /arabtimes/business/view.asp?msgID=5342   (782 words)

Investor's Business Daily: Breaking News Trichet refused to elaborate his comments earlier this month that the market's expectations of a May interest-rate rise don't match the sentiment of the central bank's governing council. Trichet said the spike in oil prices Friday was a "materialization" of a major risk to the economic outlook. Trichet called the G7 statement on global imbalances "a good start." He said Europe had much to do on structural reforms, despite some opinion in the region that reforms were in progress. www.investors.com /breakingnews.asp?journalid=36746206&brk=1   (612 words)

Bloomberg.com: Bloomberg Columnists Then Trichet's legal problems intensified as a result of the bogus-accounting scandal at Credit Lyonnais SA, arising from practices in 1992 and 1993, when the bank was state-owned and he was head of the French Treasury. One of Trichet's challenges will be to maintain the central bank's support for the EU budget accord, known as the ``stability pact.'' The EU seeks to limit the fiscal deficits of member nations to no more than 3 percent of gross domestic product. Worse yet, Trichet stated during his hearing at the EU parliament's monetary committee that the role of the ECB was to fight inflation, not to punish France and Germany for their deficits. quote.bloomberg.com /apps/news?pid=10000039&refer=columnist_derosa&sid=aPEsUnhjqUDI   (788 words)

ECB's Trichet sees gradual strengthening of eurozone growth Trichet forecast a gradual strengthening in eurozone growth but also voiced concerns that inflation may rise in the short term. Trichet acknowledged that eurozone quarterly momentum was weak in the fourth quarter at only 0.3 percent, attributing the poor showing down to seasonal volatility. Trichet cautioned that the outlook for growth "remains subject to downward risks relating, in particular, to high and volatile oil prices and concerns about global imbalances". www.turkishpress.com /news.asp?id=108894   (523 words)

Trichet Rejects Market's May Rate Hike View, Next Hike Seen in June - Forex Trading, Currency Forecast, FX Trading ... Hereby, Trichet openly rejects the market's view of a rate hike in May. Trichet also avoided to use the term 'vigilance', as 'vigilance' in the past was used to prepare the markets on an imminent rate hike. Trichet instead said that the ECB will continue to monitor 'very closely' all developments in the relation to the risks to price stability, only a small upgrade compared to the previous meeting when simply said that the ECB was monitoring price risks 'closely'. Therefore, Trichet should re-introduce its 'vigilance' mantra at the next meeting in May. After the summer, the ECB may however reassess the current gradual pace of the tightening cycle in the light of the recent stronger than expected eco data and buoyant liquidity conditions. www.actionforex.com /index.php?option=com_content&task=view&id=6248&Itemid=99999999   (1107 words)

RADIO FREE EUROPE/ RADIO LIBERTY He points out that Trichet and Duisenberg have worked closely together and that Trichet himself was personally involved in formulating the bank's policies. Trichet's takeover has long been in the works, following an informal agreement between France and Germany that the ECB's next leader would be French. But Trichet's position had been in doubt until recently amid accusations he failed to prevent a banking scandal that cost French taxpayers billions of dollars. www.rferl.org /features/2003/10/31102003180007.asp   (832 words)

RTE Business - ECB's monetary policy 'accommodative': Trichet While the bank had previously been expecting inflation to slow to 2% next year from a current rate of 2.3%, it said it was now expecting an average annual inflation rate of 2.2% both in 2006 and 2007. Trichet also reiterated that the ECB had not already decided on a series of rate increases, but said that the governing council of the institution would take whatever steps were needed to control inflation. Last Thursday, the ECB had also upgraded its economic growth forecasts, saying it was expecting growth of 2.1% in 2006 and 2% in 2007, compared with a previous forecast of 1.9% for both this year and next. www.rte.ie /business/2006/0306/ecb.html   (321 words)

USATODAY.com - EU leaders agree on Trichet as new ECB chief   (Site not responding. Last check: 2007-11-03) The EU leaders have "decided on the candidacy" of Trichet for the post, according to a statement issued during the summit. Chirac lobbied hard at the summit to get Trichet the top job at the bank, which sets monetary policy for the 12 countries that share the euro as their common currency. Trichet was acquitted by a Paris court this week and Chirac resumed lobbying for his nomination as ECB president to succeed the 67-year-old Duisenberg. www.usatoday.com /money/world/2003-06-20-trichet_x.htm   (322 words)

Trichet: Euro zone approaching potential growth - Pravda.Ru Trichet told the International Monetary Conference in Washington, D.C., that the euro zone is "progressively" recovering close to its growth potential of around 2 percent, though the ECB head said he remains "very cautious, very prudent" about the economic outlook. Trichet added that since the creation of the single euro-zone currency, employment gains have been "a little bit more flattering" compared to the U.S. But the region remains at a disadvantage due to relatively weak productivity growth, Trichet said, and emphasized the need for structural economic reforms to boost productivity. Trichet cautioned at the start of his remarks that he wouldn't address the monetary policy outlook, citing the ECB's upcoming meeting on Thursday. english.pravda.ru /news/world/05-06-2006/81576-trichet-0   (378 words)

Federal Reserve Bank of Minneapolis - Interview with Jean-Claude Trichet - The Region - December 2004   (Site not responding. Last check: 2007-11-03) Trichet initially trained to be a mining engineer—as a young man he worked in the coal mines of northeastern France. Trichet: Well, the value, of course, of these press conferences is that they permit us to learn, as far as the main issues are concerned, what is in the minds of the European and global press. Trichet: I have a part of my family in the United States; my brother-in-law was a professor in Washington University in St. Louis, Mo. I must confess that when I'm in the United States it seems to me that the public at large has assimilated IT much more than in Europe. woodrow.mpls.frb.fed.us /pubs/region/04-12/Trichet.cfm?js=0   (6513 words)

CNN.com - Judge acquits ECB heir Trichet - Jun. 18, 2003 Trichet, who is favorite to succeed current president, Dutchman Wim Duisenberg, had been charged with falsifying accounts at former state-owned bank Credit Lyonnais. Trichet was head of the French treasury at the time of the government rescue of Credit Lyonnais, believed to have cost taxpayers more than 100 billion francs ($14 billion). Anything short of an acquittal would have dealt a devastating blow to Trichet's chances of becoming the next chief at the ECB -- and would have forced him to quit his current job as head of the French central bank as well. www.cnn.com /2003/BUSINESS/06/18/trichet   (491 words)

Trichet Is Selected For Group of 10 Post - New York Times Central bank governors from the Group of 10 nations chose the governor of the Bank of France, Jean-Claude Trichet, as their chairman, the Bank for International Settlements said yesterday. Trichet, who is set to succeed Wim Duisenberg as head of the European Central Bank, will succeed Sir Edward George, the governor of the Bank of England, who is retiring, the bank said in a statement. Trichet was acquitted by a Paris court earlier this month of charges that he helped the French bank Crédit Lyonnais manipulate its accounts before it collapsed in the early 1990's, when he was director of the French treasury. query.nytimes.com /gst/fullpage.html?res=9907E6DE143AF933A05755C0A9659C8B63   (157 words)

A Conversation with Jean-Claude Trichet [Rush Transcript; Federal News Service, Inc.] - Council on Foreign Relations TRICHET: First of all, as you very rightly say, we are looking ourselves in the ECB, in the government banks of the ECB, and at Europe—at the euro area as a whole. TRICHET: In the speech, you might have seen that I had got out of my speech to facilitate communication and not to be too boring. Trichet, in your remarks this evening you talked about some of the work ahead for the European Union to continue to build the single market, and you mentioned harmonizing the regulatory structure within Europe. www.cfr.org /publication/10608/conversation_with_jeanclaude_trichet_rush_transcript_federal_news_service_inc.html   (6884 words)

ECB dampens rate hike speculation - Boston.com Trichet also announced that there are no longer downside risks to the ECB's outlook for economic activity, but that risks to growth are now broadly balanced." Kramer said Trichet's remarks were a "clear dampener for expectations of the ECB speeding up its tightening process. Trichet dismissed claims by some analysts who said the bank wouldn't raise rates at its June meeting in Madrid because it hasn't previously changed rates when meeting away from its Frankfurt headquarters. www.boston.com /business/articles/2006/04/06/ecb_expected_to_keep_rates_unchanged   (538 words)

BBC NEWS | Business | EU leaders back Trichet as ECB chief Mr Chirac lobbied hard to get Mr Trichet the top job at the bank, which is responsible for managing the single European currency. Mr Trichet's nomination was made possible earlier this week when he was cleared of involvement in the Credit Lyonnais banking scandal in the 1990s. He was one of nine men on trial for their part in the affair, which culminated in a 31bn-euro ($33.7bn) bailout by the government. news.bbc.co.uk /2/hi/business/3008546.stm   (229 words)

Trichet hints interest rate hike in eurozone After announcing the central bank's decision on retaining the interest rates at 2.25 per cent Thursday, Trichet told a subsequent news conference that the rates would rise next month, but gave no clue on the extent of the increase or policy issues involved in the hike. Economists suggest the bank will not be able to commit to a series of rate hikes as done by the U.S. Federal Reserve (which has raised borrowing costs by a quarter-point at each of its last 14 meetings) because of political pressures, the increasing unemployment rates in the bloc, for example. Trichet has urged European government to deregulate service industries to increase competition, create jobs and control inflation. www.abcmoney.co.uk /news/0420061867.htm   (628 words)

USATODAY.com - Corporate investment may strengthen global growth   (Site not responding. Last check: 2007-11-03) Trichet, who chairs the G10 session, outlined the usual risks, namely another oil price surge, underpricing of risk premiums in debt markets and a sharp unwinding of global imbalances including the huge U.S. current account deficit. Trichet said one risk policymakers discussed at length — but reached no conclusion about — was the persistently low yield spread between government debt and riskier assets, notably corporate and emerging debt. Trichet also noted that inflation expectations worldwide are low, another sign of central bank credibility. www.usatoday.com /money/world/2006-01-09-global-growth_x.htm   (614 words)

WJLA - Trichet: ECB to 'Moderately Augment' Rates   (Site not responding. Last check: 2007-11-03) European Central Bank head Jean-Claude Trichet said Friday the bank's governing council is ready to "moderately augment" interest rates — a long-awaited increase to keep inflation in check.The ECB has kept its key refinancing rate unchanged at 2 percent since June 2003. Trichet has said repeatedly that "strong vigilance" is required to monitor price stability risks, but this was his strongest statement to date that the council will increase interest rates soon. Trichet's comments follow economic indicators suggesting that the economy in the 12 countries that use the euro may be picking up and finally be strong enough to withstand an increase. www.wjla.com /headlines/1105/279015.html   (339 words)

Bloomberg.com: Top Worldwide Trichet, 61, is powerless over the biggest threat to growth as he enters his second year in the job: oil. Trichet has presided over the longest period of unchanged interest rates since the Frankfurt-based ECB took charge of monetary policy for the euro area in 1999, keeping the benchmark rate at a six-decade low of 2 percent. ``Trichet is a symbol of the new France, a symbol of monetary orthodoxy. quote.bloomberg.com /apps/news?pid=10000087&sid=a3U47D4Nt36A&refer=top_world_news   (1994 words)

WJLA - Trichet Comments on Euro-Zone Economy   (Site not responding. Last check: 2007-11-03) However, Trichet said that there is evidence that the trend rate of growth has fallen in recent years. Trichet added that high oil prices have also contributed to the relatively slow pace of growth seen in recent years, although he noted that the economy did demonstrate some resilience in 2005. Trichet said the central bank will continue to exercise vigilance in pursuit of price stability, and is ready to act at any time upon receipt of new information. www.wjla.com /headlines/0206/300477.html   (323 words)

[No title] Huhne also said Trichet could prove to be a more effective chairman of the ECB governing council, stamping his leadership on it rather than looking to build consensuses on rate decisions, as Duisenberg has done. Trichet faced a number of questions from members of the European Parliament on fiscal policy and France and Germany's overshooting of the EU stability pact deficit limits. Trichet simply said that once deficits go beyond certain limits, they can have negative effects on confidence which more than offset any direct stimulus to growth. www.marketwatch.com /News/Story/Story.aspx?guid={967E2A3B-DA8A-4044-BAC0-9F37752EF9FD}&dist=¶m=archive&siteid=mktw&garden=&minisite=   (854 words)

BW Online | September 22, 2003 | Trichet: A Fresh Start for Europe? Trichet should also push his ECB colleagues to raise their mandated ceiling on inflation from 2% to 2.5% or even 3% for short periods, especially when food and energy prices spike up. Trichet also needs to use his central bank pulpit to goad reluctant European leaders into sweeping out arcane work rules and retirement formulas that stifle growth and investment. Trichet needs to show that the ECB can be flexible enough to accommodate their interests while getting growth out of Western Europe. www.businessweek.com /magazine/content/03_38/b3850137_mz037.htm   (751 words)

Guardian Unlimited Business | | Acquittal clears Trichet's path to European Bank Mr Trichet's chances of succeeding Wim Duisenberg have hung in the balance for three years during the investigation and trial concerning an alleged cover up over Crédit Lyonnais's accounts in 1992 when the bank was state-owned. Mr Trichet, 60, was treasury director of the finance ministry at the time and the prosecution had asked for a 10-month sentence and a fine. But Mr Trichet's lawyer, Yves Baudelot, said the finance ministry was given little information by the bank's management while the treasury director was not given access to internal ministry reports. business.guardian.co.uk /story/0,3604,980392,00.html   (435 words)

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