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:

You know better than I. You are an Irish citizen. You can judge by yourself whether the measure of adjustments which have been taken and which drove to a level of creditworthiness which is remarkable, as I already said; level of competitiveness, which has considerably improved in comparison with the level that you had at the moment of the crisis; and growth which is growing now clearly and so forth. So I mean it goes without saying that the Government of Ireland took a good decision. And, you know, we could also have continued on our side after having gone up to 100% of the GDP go to 200% of the GDP, and why not 300% of the GDP? Then what would be the Commission inquiry asking for? You would say, "Were you totally crazy at the ECB to continue, when we were going in the wall at 100 miles per hour, to continue to provide liquidity and liquidity and liquidity?" And you would be right to say that.

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