September 14, CNBC interview in Madrid: "Trichet: ECB Program Vital for EU & World"
The euro zone’s debt crisis is just the center of an “adjustment” which is affecting all advanced economies, former European Central Bank (ECB) President Jean-Claude Trichet told CNBC.
“The Europeans have a special responsibility because we are the epicenter of the worst crisis since World War II. And that, of course, calls for highly responsible decisions,” he said.
All the advanced economies are undergoing their first major adjustment since the Second World War, according to Trichet.
“When you look with historical credit at what has happened since 2007, it was the start of the adjustment of the advanced economy. We have to understand-- it's our turn. We cannot ask the rest of the world to finance us eternally if we spend more than we earn. As simple as that,” he said.
“We paid quite a high price for a dominant vision, which was too much benign neglect before the start of the crisis.”...