Jean-Claude Trichet's dire tenure at the ECB

The retiring head of the European Central Bank presided over disaster: fixated on 2% inflation, he missed the housing bubble

Dean Baker
guardian.co.uk, Monday 24 October 2011 10.30 EDT

Jean-Claude Trichet will be retiring as head of the European Central Bank at the end of October. He will step into retirement having wreaked the sort of destruction on the European economy that hostile powers could only dream about. Tens of millions of people across the eurozone countries are unemployed or underemployed because of his mismanagement of Europe's economy.

Meanwhile, the world teeters on the brink of another financial crisis because of the failure of the ECB, along with the IMF, to effectively address the sovereign debt crisis. Most incredible of all, Trichet probably thinks he has done a good job.