Sharon Bowles MEP thanks outgoing European Central Bank President for hard work (Sharon Bowles MEP)

Sharon Bowles MEP <info@sharonbowles.org.uk>

Sharon Bowles MEP thanks outgoing European Central Bank President for hard work

October 5, 2011 1:33 PM

The Chair of the European Parliament's Economic and Monetary Affairs Committee,Sharon Bowles MEP, has thanked the outgoing President of the European Central Bank, Jean-Claude Trichet, for his eight years of hard work.

Sharon Bowles MEP presents outgoing ECB President, Jean-Claude Trichet, with gavel

Trichet, a former Governor of the Bank of France, will serve as President of the ECB until 1st November when his successor, Mario Draghi, will take over.

Trichet's presidency bore witness to the global credit crunch of 2008, the subsequent banking crisis of 2009, and the sovereign debt crises in Greece, Ireland and Portugal.

Despite the difficult challenges faced by the ECB, Trichet helped deliver price stability for the euro, took a firm stance against 'short-termism', and became an ardent supporter of more transparency in the financial sector.

Speaking from Brussels after Mr Trichet's last Monetary Dialogue with the Economic and Monetary Affairs Committee,Sharon Bowles MEP said:

"Jean-Claude Trichet has achieved a great deal as President of the ECB, which is widely regarded as one of the EU's toughest jobs.

"President Trichet has always treated this Monetary Dialogue with great respect, to the benefit of both the European Parliament and the European Central Bank. We have asked many questions of him and we and the public have benefitted from hearing his views.

"President Trichet and I have also been on many conference panels and informal Ecofin exchanges together, without falling out, and we have shared some hard truths and common ideas - including that the EU is an institution of the 27 Member States, and not just the Eurozone.

"To his credit, President Trichet has not backed away from difficult questions including, in recent years, those surrounding the financial and sovereign debt crises.

"My Committee has already approved Mario Draghi to take over as President of the ECB and we are confident Mr Trichet will have a highly competent successor."

To mark the occasion, Sharon presented Mr Trichet with a Chair's gavel which is engraved with some details, including the date of his last monetary dialogue meeting (see attached photo).

ENDS