Will the European Central Bank (ECB) remain as powerful under its incoming new head, Mario Draghi? A former head of the Central Bank of Italy, he has notably strong credentials. But no newcomer can be expected to bring to the job quite the same degree of credibility that has been acquired over the past eight years by the outgoing President, Jean-Claude Trichet.
The president of the European Central Bank, Jean-Claude Trichet, has devoted the last three decades of his distinguished career to building a solid currency for Europe. Now, three months from his retirement, Trichet, 68, is waging what seems to be the fiercest struggle of all as he strives to prevent a collapse of his prized euro.
The U.S. finally chalked up a success in reaching a Congressional deal to avoid default on the national debt, but considerable “damage may already have been done” to America’s image as a global pillar of financial security and adept manager of economic power.
© COPYRIGHT THE EUROPEAN INSTITUTE 2009
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