We must avoid the errors of the 70s: Trichet

Jean-Claude Trichet, the president of the European Central Bank (ECB), has warned that the world's central bankers risk a return to the dark days of the 1970s if they cut rates in the current climate.

Trichet told the BBC, the UK's public broadcaster, that the recent sharp rise in energy and food prices was similar to the oil price shock in the early 1970s, the monetary policy response to which had had grave consequences on the long-term economic outlook.

"Trying to protect ourselves from the