European Central Bank president Jean-Claude Trichet has stressed the importance of a more competitive economy in the eurozone, reminding member states of the part they have to play in keeping the euro stable.
At a conference on the euro in Frankfurt – which had been planned for a long time and only coincides accidentally with the current heated discussions about the future of Europe – Mr Trichet tried to counter speculation over a threat to the Eurozone.
The speculation is mainly due to some countries’ poor economic performance. While other voices blamed Germany for the euro’s present crisis, Mr Trichet found warm words for the country hosting his institution: “The capacity of the German economy to catch up rapidly with the average of the euro area in terms of cost competitiveness […] is very impressive.”
At the same time, the ECB president declined the calls of senior German officials, who had blamed the euro for Germany’s present slow growth, for the ECB to cut its interest rates.