Trichet, Jean-Claude

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Trichet, Jean-Claude

(zhäN-klōd trē`shĕ), 1942–, French banker and government official, b. Lyons. During the 1970s Trichet held a number of French finance and treasury positions and in 1978 was appointed an adviser to the minister of economic affairs and then to the French president, Giscard d'Estaing. From 1981 Trichet largely worked in the French treasury department, becoming its director in 1987. He was chairman (1992–93) of the European Monetary Committee until he became governor (1993–2003) of the Bank of France.

As president (2003–11) of the European Central Bank (ECB), which sets monetary policy for the eurozone nations (see European Monetary SystemEuropean Monetary System,
arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another. It was organized in 1979 to stabilize foreign exchange and counter inflation among members.
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), Trichet focused on fighting inflation. During the 2007–8 financial crisis and the subsequent eurozone government debt crisis, he led the generally conservative ECB in a number of moves designed to stabilize eurozone finances, including bending ECB rules to buy government bonds; these moves at times gave the ECB a broader, more active role than envisioned in its mandate, but at the same time he reemphasized the ECB's limited role and remained focused on government austerity measures as the main solution.

References in periodicals archive ?
On Wednesday, Mario Draghi, who takes over from Jean-Claude Trichet as head of the ECB this week, gave a thinly-disguised hint to leaders and the market that the ECB was prepared to keep buying bonds if needed.
Italy's central banker Mario Draghi was recommended to succeed Jean-Claude Trichet as European Central Bank President in a European Parliament economic and monetary affairs committee vote on June 15.
ECB President Jean-Claude Trichet told a press conference after the meeting that the bank would ''monitor very closely'' price trends, indicating the possibility of a further hike in case of spikes in crude oil and other prices.
Data suggests that euro zone growth is maintaining its positive momentum, Jean-Claude Trichet said at his post-decision news conference.
European Central Bank President Jean-Claude Trichet and Governor of the Kuwait Central Bank and Head of the GCC Central Banks Committee Sheikh Salem Al-Abdulaziz Al-Sabah both stressed on Wednesday the role of Arab Gulf states in attaining global economic growth and financial stability.
European Central Bank chief Jean-Claude Trichet has insisted that the euro is a credible currency but he also said that tighter regulation is needed of banks, markets and government policies.
Summary: Berlin, May 22, 2010, SPA -- European Central Bank (ECB) President Jean-Claude Trichet insisted Saturday the euro was "not in danger,"Eecontradicting German Chancellor Angela Merkel&'s earlier warning that the currency&'s existence was at stake, dpa reported.
European Central Bank (ECB) president Jean-Claude Trichet castigated the Greek government for its accounting and said other European nations would strictly monitor the recovery plan put in place by the socialist government in Athens.
In a statement issued on Saturday after two days of talks by the Group of Seven rich industrialized countries, European Central Bank President Jean-Claude Trichet said he believed Greece would meet tough new targets to rein in its budget gap.
Excessive volatility" in currency rates is "bad for economic development," European Central Bank President Jean-Claude Trichet said in an unscheduled appearance at a press conference late yesterday after a meeting of euro-area finance ministers in Luxembourg.
ISTANBUL/ANKARA, Oct 12, 2009 (TUR) -- European Central Bank (ECB) President Jean-Claude Trichet said that Turkey made successful reforms in its EU economic adjustment process.
Summary: Comments continue to trickle out of the Euro-zone, with European Central Bank President Jean-Claude Trichet saying at a press conference that recent indicators.
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