The former president of the European Central Bank also told CNBC the shutdown signals "enormous difficulty" for the nation's democratic processes.» Read More
"We said from the very beginning that is was something which was potentially very important and that one should not underestimate the gravity of the situation... we were not pleasing a lot of interlocutors including the governments that had a tendency to say 'no it's not that important, it's not a big deal' and so forth and I would say that unfortunately experience has proved that our diagnosis was right," Jean Claude Trichet, outgoing head of the European Central Bank told CNBC in an interview.
Too many European Union leaders did not understand the gravity of the Greek debt situation following years of failure to adhere to rules on borrowing, the outgoing boss of the European Central Bank told CNBC.
The euro is a credible currency, and the euro zone as a whole has better economic fundamentals than the U.S. and Japan, Jean-Claude Trichet, the outgoing European Central Bank President, told TVN-CNBC in an interview Friday.
The finance chiefs of the world's leading economies opened the door Saturday for the International Monetary Fund to play a bigger role in fighting the eurozone's escalating debt troubles.
Discord over the euro zone crisis, currencies and global economic governance threatens to overshadow the Group of 20 finance ministers meeting in Paris on Friday and Saturday, the FT reports.
Should we feel confident that the crisis will soon be over? No. At least, nobody now sees the euro zone crisis as a little local difficulty. It has become the epicenter of an aftershock of the global financial crisis that could prove even more destructive than the initial earthquake, writes Martin Wolf in the FT.
European authorities plan to set a higher than expected capital threshold for the region’s banks and give them six to nine months to achieve that level or face government recapitalisations under the auspices of the eurozone’s 440 billion euro rescue fund, senior regulators said. The FT reports.
British data confuses, Trichet talks tough, and Dr. Doom is gloomy again - it's time for your FX Fix.
The crisis plaguing the euro zone has reached a "systemic dimension", outgoing European Central Bank President Jean Claude Trichet said on Tuesday, warning that the risk of economic shocks spreading further across the financial sector has increased.
Mad Money host Jim Cramer shares his final thoughts of the day on ECB's Jean-Claude Trichet departure.
Jean-Claude Trichet defended his run as European Central Bank president in an interview with CNBC on Thursday, saying the bank had delivered its key objective of price stability and that the euro was here to stay.
ECB chief Jean-Claude Trichet talks to CNBC about what needs to be done in Europe and his legacy with the European Central Bank.
The European Central Bank (ECB) was urged to slash the euro zone base rate to one percent as the European debt crisis threatened a second recession but high inflation makes such a move unlikely.
A positive feedback loop between banks and weak sovereigns is emerging, with a potentially calamitous effect on the euro zone and the global economy, Martin Wolf writes in the FT.
The “Mad Money” host lays out his “Game Plan.”
The European Central Bank was buying Italian and Spanish government bonds in the markets on Thursday, traders told CNBC.
The European banking system is the biggest threat to global equities, according to a survey of investors by Barclays Capital.
Euro leaders squabble and the Russian ruble is rocked - it's time for your Friday FX Fix.
Europe's debt crisis has worsened and the world economy has entered into a dangerous new zone, says Christine LaGarde, IMF managing director. CNBC's Maria Bartiromo asks LaGarde why she is focusing on short-term measures.
Has recent decline in the stock market due to news in Europe run its course? Sharing perspectives, with John Morris, Crestwood Advisors managing partner and Gene Peroni, Advisors Asset Management senior vice president.