ECB president hands over power

ECB president hands over power
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Jean-Claude Trichet has been the president of the European Central Bank for eight of the bank’s 13 years in existence.

With the Euro in its darkest days, he used his last speech to talk of solutions to Europe’s economic crisis.

“What is now necessary is to clarify crisis management in three dimensions: reinforcing the EFSF’s capacity to ensure financial stability, strengthening the balance sheets of the European banks and working out an appropriate solution for Greece’s medium term adjustments. This clarification is certainly urgent,” said Trichet.

The outgoing president has a tough challenge ahead of him before he leaves at the end of the month. He must have a clear plan on the euro crisis by Sunday to keep confidence from the markets.

He will be succeeded by the Governor of the Bank of Italy, Mario Draghi.

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