As president (2003–11) of the European Central Bank (ECB), which sets monetary policy for the eurozone nations (see European Monetary System ), Trichet focused on fighting inflation. During the 2007–8 financial crisis and the subsequent eurozone government debt crisis, he led the generally conservative ECB in a number of moves designed to stabilize eurozone finances, including bending ECB rules to buy government bonds; these moves at times gave the ECB a broader, more active role than envisioned in its mandate, but at the same time he reemphasized the ECB's limited role and remained focused on government austerity measures as the main solution.
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.
See more Encyclopedia articles on: Economics: Biographies