Oireachtas Joint and Select Committees
Thursday, 30 April 2015
Committee of Inquiry into the Banking Crisis
Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
Mr. Jean-Claude Trichet:
Same reaction as with all Heads of State and Government all over Europe. Same reaction as all my colleagues would have had in the other advanced economies. You could see what happened after Lehman Brothers. You are in exceptional circumstances ... it's the worst crisis ever since World War II. Could have been by the way, the worst since World War I. Assume fully all your responsibilities. That being said, the central bank does not substitute and should not substitute in any respect to the responsibility of the executive branches and certainly not to the responsibility of the parliament.
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