"It was a very important momentous, the first decision that was not compliant with ECB’s and other central banks’ standards". Jean-Claude Trichet, former president of the European Central Bank, remembers what happened on Aug. 9, 2007: the collapse of the European money market. Trichet, head of the ECB in the years of the outbreak of the subprime mortgage bubble and the subsequent global financial crisis, reminds that that decision was taken in about two hours, while he was at his home in Saint-Malo.
The career of Jean-Claude Trichet at the French finance ministry began in 1971 and led him to become Director of the Treasury in 1978. For two terms he was Governor of the Bank of France and played a vital role in implementing the strategy of "competitive disinflation". He was appointed Governor of the ECB in 2003 and reappointed for a second term that ended in 2011.