We trust in democracy in freedom, in human rights. We trust in the fact that market economies are the best way to produce goods, services and prosperity. And our future will depend on the people of Europe. It is the free will of our democracies which will shape Europe in the long run. And at the ECB we are very proud to be already an executive institution; we are the “avant-garde” of Europe. DIE ZEIT: Do you understand the French desire for a stronger role of national concerns in Europe? Trichet: I am not speaking of any particular nation. All European nations are members of the European team. And the success of Europe is the success of the team. DIE ZEIT: Perhaps the President of the ECB has to play a more political role in the next years than you want to... Trichet: Communication with the large public opinion, with all our fellow citizens is certainly one of the most important issues for all who care about the Unity of Europe. DIE ZEIT: Chancellor Angela Merkel wants European rules to protect Europe from sovereign wealth funds. Do we need protection? Trichet: These funds, like all new phenomenons, have to be studied and carefully observed. On the other hand the principle of free circulation of capital at the level of the global economy has been beneficial for all economies concerned. DIE ZEIT: The euro is at an all time high vis-à-vis the Dollar and the Yen.
Jean-Claude Trichet: Interview with Die Zeit Interview with Mr Jean-Claude Trichet, President of the European Central Bank, and Die Zeit conducted by Mr Marc Brost and Mr Robert von Heusinger, 23 July 2007. *  *  *  DIE ZEIT: Monsieur le President, fifty years ago the German Bundestag created the Bundesbank, one of Germany's best-known brands in the world. What is its legacy? Trichet: Monetary stability. Independence. Credibility. These principles are very favourable for sustained growth and job creation. Today it's globally recognized that this is the right way for monetary policy to deliver price stability and, by way of consequence, sustainable growth. DIE ZEIT: What do you admire most in the history of the Bundesbank? Trichet: One of the most impressive episodes has been the open conflict with Chancellor Konrad Adenauer who wanted the Bundesbank to decrease interest rates. But the Bank refused. It proved to be really independent. DIE ZEIT: That was 1956. Long ago. Trichet: Yes, but at the beginning of 2004 shortly after I became President of the ECB, three heads of member states asked publicly to lower rates: The Bundeskanzler of Germany, Gerhard Schröder, the President of the French Republic, Jacques Chirac and the Prime Minister of Italy, Silvio Berlusconi. The ECB demonstrated its independence. We did not comply. DIE ZEIT: Which personal episode with the Bundesbank do you cherish? Trichet: For me the whole history of the euro has an important personal touch with German friends in the administration and in the Bundesbank.