Trichet: When a country experiences a boom, it needs to make its own national policies – namely fiscal policies, wage policies, structural policies and prudential supervisors’ autonomous decisions – more restrictive in order to avoid the economy overheating or speculation getting out of control. That goes for every country in the world, but all the more so for members of a monetary union.
As an organisation we can and must set an example, we must make our own sustainable choices. For instance in our payment systems, in our monetary operations and of course in our own investments as a central bank. That is our responsibility as a central bank.