Oct. 11 - The ex-ECB chief speaks to Reuters on managing internal ECB differences - notably between German inflation hawks and others - the bank's mandate, and continuity under his successor Mario Draghi.
Tensions between Germany's Bundesbank and the European central bank and nothing you. -- vitamin invests his money would drive me and a couple of years ago and was -- that what message don't vote trichet. Former ECB president -- -- she she joins me now. Don't -- I am. How would you characterize. Your relationship but then with that -- -- about who of course ultimately resigned in protest against these people on line. We have. Of course relationship that we have based upon. Mutual respect. And he'll need he did he issue there he's not that that particular member of the governing council and might be in disagreement. We do what he's decided that we can say is -- -- they can -- -- majority or. And except simply feel that or decisions of course have been taken by maturity or I would say -- the most important one. By an overwhelming majority. Of schools. Might -- be -- would be much better. That we continued to speak with one -- day continued to speak at least it's not the case into de facto situation. But -- really didn't know what you should know -- he's an extraordinary. Situation because it's exactly -- situation but you're observing in order. Major so -- but those sweet simple and as we supplement does not say who was Pro -- called. This -- -- Al the only one now that really don't know. DC parallels between yourself and that meet some evidence facts must stop as well and both of them resigned of course. And DC parallels between yourself and then. Between mr. Draghi and -- by the -- I would I would not comment on the again meets I responsibility. On the fact that it. That. The number of decisions on the uptake and we unanimity of. Do you see any parallels between. You what do we use them because I don't ECB funds mr. -- of any similarities in the way you go about you. And don't forget. Or decisions are taken by. 23. In dvd news seventeen and governance of the values central banks. And six members of the executive board. Not you two or decisions. He said. It because he wasn't grow particularly in counseling since said he was appointed colts. And -- I have to say he's a wonderful president. And that he was a wonderful member of the governing cops. What I see. Is great continue to. We have one need -- you know -- us who we she's studied it -- And price that the team. The greatest success of these TB he's dead that's the -- he has been obtained including you do worst crisis since World War II. Fatalistic isn't. According upon us to be. As you know -- route to a mandate as possible. But it's not really the case and perhaps in the early part of Europe. Presidency and centrally. Missed a dozen or perhaps is now. Yes inflation was the focus. And keep it 2% just below was the ECB's. Almost sole mandate but sound that's not the man that's not the focus anymore I mean I'm sure people -- about the Arizona saying. Jobs please growth please. I'm sorry for you re not having jobs. He had been inflation. By the way if you look at those countries that have big problems today. These are countries that -- national inflation higher than the average of -- I would certainly not saying that anybody would think that the ECB has changed. He told mandated by the way. These two -- -- traffic should mandate that we know that mandate is the but indeed given by all people. The people -- he'll look all democracies it's Kia. We had a mandate we have the need to knuckled past we are coping with exceptional circumstances the mandate is absolutely fundamental. If we would change the mandate or interest rates would -- out because inflation expectations would go up the -- -- very fortunate he. Going up. And that he's taking very very important.