{"id":15080,"date":"2022-03-15T14:59:48","date_gmt":"2022-03-15T13:59:48","guid":{"rendered":"https:\/\/www.worldpolicyconference.com\/?p=15080"},"modified":"2022-03-15T14:59:48","modified_gmt":"2022-03-15T13:59:48","slug":"jean-claude-trichet-former-ecb-officials-clash-on-whether-surprise-move-was-needed","status":"publish","type":"post","link":"https:\/\/www.worldpolicyconference.com\/fr\/jean-claude-trichet-former-ecb-officials-clash-on-whether-surprise-move-was-needed\/","title":{"rendered":"Jean-Claude Trichet: Former ECB Officials Clash on Whether Surprise Move Was Needed"},"content":{"rendered":"<p><a href=\"https:\/\/www.worldpolicyconference.com\/wp-content\/uploads\/2022\/03\/Capture-3.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-15081\" src=\"https:\/\/www.worldpolicyconference.com\/wp-content\/uploads\/2022\/03\/Capture-3.png\" alt=\"\" width=\"928\" height=\"515\" srcset=\"https:\/\/www.worldpolicyconference.com\/wp-content\/uploads\/2022\/03\/Capture-3.png 928w, https:\/\/www.worldpolicyconference.com\/wp-content\/uploads\/2022\/03\/Capture-3-300x166.png 300w, https:\/\/www.worldpolicyconference.com\/wp-content\/uploads\/2022\/03\/Capture-3-768x426.png 768w\" sizes=\"(max-width: 706px) 89vw, (max-width: 767px) 82vw, 740px\" \/><\/a><\/p>\n<figure class=\"lede-video\"><figcaption class=\"fade-in__2b6f580c\"><span class=\"lede-caption__3cd6231b caption\">Former European Central Bank President Jean-Claude Trichet reacts to the ECB\u2019s decision to accelerate its wind-down of monetary stimulus. He speaks with Bloomberg\u2019s Guy Johnson and Kailey Leinz on \u201cBloomberg<\/span><span class=\"lede-credit__06261175 credit\">Markets: European Close.\u201d<\/span><\/figcaption><\/figure>\n<address class=\"lede-byline__a846e17f\">\n<div>\n<div class=\"byline-by__590861d7\">By William Horobin and\u00a0Alonso Soto<\/div>\n<\/div>\n<\/address>\n<div class=\"lede-times__03902805\"><time datetime=\"2022-03-10T17:23:09.767Z\" data-locale=\"en\">10 mars 2022<\/time><\/div>\n<div><\/div>\n<div>\n<p>Two top former European Central Bank officials disagreed on whether the institution was right to unveil a speedier withdrawal of monetary stimulus as war rages across the currency bloc\u2019s border.<\/p>\n<p class=\"paywall\">Speaking on Bloomberg Television after Thursday\u2019s ECB meeting, former chief economist Peter Praet said accelerating the reduction in net asset purchases amounted to \u201cfine tuning\u201d that was misinterpreted as a stronger message.<\/p>\n<p class=\"paywall\">\u201cI personally would not have given that signal,\u201d Praet said.<\/p>\n<p class=\"paywall\"><strong>Ex-ECB President Jean-Claude Trichet, meanwhile, said the sharp upward revision to inflation forecasts that accompanied the policy announcement meant officials had to do something to anchor price expectations.\u00a0<\/strong><\/p>\n<aside class=\"left-rail-newsletter paywall\"><\/aside>\n<p class=\"paywall\"><strong>\u201cYou cannot have a central bank immobile when you have a level of core inflation at 2.7%,\u201d he said. \u201cIf they had done nothing, it seems to me that they would have taken some risks.\u201d<\/strong><\/p>\n<div class=\"for-you__wrapper paywall\"><\/div>\n<p class=\"paywall\">The difference of opinion mirrored tensions between current Governing Council members as they grapple with the need to protect the euro-area economy from the impact of Russia\u2019s invasion while containing the quickest inflation since the common currency\u2019s creation.<\/p>\n<p class=\"paywall\">ECB President Christine Lagarde said some of her colleagues wanted to keep all policy settings on hold, given the heightened uncertainty. Others, she said, called for a more forceful commitment to end stimulus.<\/p>\n<p class=\"paywall\">While Lagarde described the outcome as \u201cbalanced,\u201d it still caught markets off-guard, sparking a selloff in bonds and volatility for the euro.<\/p>\n<p class=\"paywall\"><strong>\u201cIt was naive to think that the ECB would do nothing when the inflation projections were augmenting quite considerably,\u201d Trichet said.\u00a0<\/strong><\/p>\n<p>Read the original article on the site of <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-10\/former-ecb-officials-clash-on-whether-surprise-move-was-needed\">Bloomberg<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former European Central Bank President Jean-Claude Trichet reacts to the ECB\u2019s decision to accelerate its wind-down of monetary stimulus. He speaks with Bloomberg\u2019s Guy Johnson and Kailey Leinz on \u201cBloombergMarkets:<\/p>\n","protected":false},"author":3,"featured_media":15082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[153],"class_list":["post-15080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-room","tag-153"],"_links":{"self":[{"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/posts\/15080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/comments?post=15080"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/posts\/15080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/media\/15082"}],"wp:attachment":[{"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/media?parent=15080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/categories?post=15080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpolicyconference.com\/fr\/wp-json\/wp\/v2\/tags?post=15080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}