It has been a little more than six years since the fall of 2008, when the peak of a severe financial crisis presented the very real threat of a second Great Depression. The damage was extensive, and for some time, the recovery was frustratingly slow.
Mr. Trichet: The Stability and Growth Pact has been revised to cope with exceptional circumstances. It is our way to maintain appropriate cohesion in a single market with a single currency and with no single federal budget. Respect of the procedures and provisions of the Stability and Growth Pact is of the essence. WSJ: Ireland expects an 6.5% decline in GDP this year.