In December 2005 we increased rates against the publicly expressed sentiment of ten governments! In 2008 we did not hesitate to raise interest rates, even in a period of financial turbulence. We don’t allow ourselves to be influenced by any government, any social partner or any kind of pressure group. We act always fully in line with our own responsibilities.
And that is the reason why we have delivered price stability. FAZ: But by purchasing government bonds, you’ve crossed a red line. Has the credibility of the ECB suffered as a result? Trichet: There has been no crossing of any line. Our line is price stability, and our credibility is derived from achieving this objective over the medium term.