Trichet: I do not accept the idea that we have over-regulation. We have in any case an absolute obligation to make the financial system much more resilient. The idea of going back to business as usual is deeply inappropriate. SZ: Is the euro still an important factor in the integration of Europe? Or is it now causing divisions?
Does that not give you reason to rethink? The comparison with the Fed is misleading because we have a different economic and political set-up in the euro area. Moreover, the bond purchases undertaken by the Fed were particularly successful as long as the yields on government bonds were still comparatively high, i.e. immediately after the major financial crisis in 2008.