Bloomberg News

Trichet Denies Criticism ECB Bond Purchases are Money Printing

October 11, 2011

Oct. 11 (Bloomberg) -- European Central Bank President Jean-Claude Trichet rebuffed criticism that the bank is printing money as it buys government bonds from distressed euro region countries.

“This criticism is completely inaccurate,” Trichet said in an interview with Germany’s Welt newspaper to be published tomorrow. “We are fiercely independent of governments and pressure groups. We are totally devoted to our primary Treaty mandate of price stability,” he said, according to a transcript provided by the ECB.

Trichet reiterated his call to fully implement the decisions taken by European leaders on July 21 to shield the 17- nation currency bloc against further market tensions. The ECB considers it not “appropriate” to grant the European Financial Stability Facility a bank license and governments should “provide appropriate leveraging of the fund,” Trichet said.

To contact the editor responsible for this story: Christian Vits at cvits@bloomberg.net


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