Jean-Claude Trichet headed off to Vienna after his Frankfurt press conference yesterday to give a dinner speech to the banking industry’s International Institute for Finance. His topic was “the changing world of global governance”, which was an opportunity to stress the importance of co-operation between policymakers. But I got the feeling the ECB president was also keen to take a shot at those in on the other side of the Atlantic who like to tell Europe what it should be doing. “Europe has been remarkably effective during the 2007/2008 financial crisis,” he argued. “Not a single systemically important institution has failed, not a single recovery programme has been refused by any parliament.” Surely, he wasn’t taking a dig at the US, Tim Geithner etc, was he?
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