Trichet defends Draghi’s legacy against growing criticism
Former ECB president says unconventional monetary policy measures have helped to avoid deflation
Jean-Claude Trichet has defended Mario Draghi’s legacy following stark criticism from a group of former officials, and praised his policies as “necessary and bold”.
The former president of the European Central Bank rebuked the authors of a critical memorandum published earlier this month. The document rejected Draghi’s position that the ECB is failing to reach its inflation target, and therefore needs to resume net asset purchases and lower rates further into negative territory in order to
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