trichet-juncker On March 27th, between 10h00 and 12h00 CET, Debating Europe and EU40 are hosting a live event in the European Parliament with Jean-Claude Juncker, Eurogroup President and Prime Minister of Luxembourg, and Jean-Claude Trichet, former President of the European Central Bank (ECB). These two men, both of whom were at the heart of the eurozone’s crisis response, will be answering questions on some of the lessons learned from the economic crisis and what steps can be taken to prevent it happening again. What do YOU think were the most important lessons learned? Should Juncker and Trichet have done anything differently? We’ll be putting your questions to both men, and you can click HERE to submit yours.

The Eurogroup, which Jean-Claude Juncker has been president of since 2005, is a meeting of eurozone finance ministers and has been described as the “political control” over the Single Currency. What would you ask Juncker, the current president of this group? And what do you think have been the lessons for eurozone finance ministers from the crisis?

The ECB, which Jean-Claude Trichet was president of until just last year, is the central bank of the eurozone and responsible for its monetary policy. The primary role of the ECB has traditionally been to keep inflation under control and maintain price-stability. However, since the onset of the crisis, the ECB has been under increasing pressure to act as a “lender of last resort” and to play an active part in preventing the default of heavily-indebted member-states. What would you ask its former president, Jean-Claude Trichet?

What do YOU think? Let us know your comments and ideas in the form below, and we’ll put them to our two speakers during the event.


19 comments Post a commentComment


  1. Tiago Pinto

    Europe will consume itself like a tumourus cancer if it doesn’t share the debtprofits, each nation will fall, it’s just a matter of time.

  2. Orestis Tringides

    Start with these: How will you ensure that in the future there will not be such ridiculous risk put on derivative products? How will you enforce member states of supra-state organizations (such as OECD, BIS, world bank etc) to obey basic principles of transparency and access to information? When will you start rating countries and accordingly reward or penalize (e.g. with higher borrowing rates) for their level of corruption, scandals, ridiculously obvious money laundering, oppression, red tape, extremely high bonuses of officials and waste of public money? How will you stop individuals such as businessmen transferring (sometimes stolen) money to Switzerland or Cayman Islands? How do you appraise, reward or penalize unethical behaviours of states and businesspersons/corporations? and e.g. in cases where they oppress their people, or their workers? And most importantly: how do you plan in the future to ensure that financial data are publicised proactively, and include the Civil Society in the policy and decision-making process in an open and transparent manner?

  3. John Catris

    I do believe that Europe can live without Greece we dont want THIS EUROPE. You dont need the birthplace of Democracy and we dont need the Fasistic Europe.

  4. Libânia Santos

    learn? but it is supposed to learn something from this circus? … I have no questions for these gentlemen, and they decide we have to accept, since we stole the holiday allowance thirteenth month … and they still suck …

  5. Andy Price

    “What do YOU think were the most important lessons learned from the economic crisis? ”

    Don’t rely on the Masters of the Universe [business] or government, they’re often incompetent and are rarely held accountable to the same level of vigor as an average citizen is. Power has corrupted them, and they’re free and easy with citizens’ monies & rights.

  6. Roberto Martorana

    Ii have a new economic idea and i can explain better here :http://www.facebook.com/pages/Teoria-della-compensazione-della-massa-monetaria/137335536277534 (anywere i try to explain now (in italian ): partiamo dalle valutazione di ciò che consideriamo come problemi da affrontare : il primo quello della povertà e/o situazioni analoghe ecc..il secondo quello del riscaldamento e/o inquinamento,terzo quello del debito e/o squilibri finanziari; quello che mi sono chiesto è se ci fosse una unica soluzione ,un unico provvedimento da adottare a livello mondiale ?Forse :lo espongo e mi piacerebbe discuterne:primo abbiamo bisogno di una unica banca centrale o comunque di stesse regole per le banche centrali ,questo tipo di regola : quando la banca emette moneta e ne fissa un tasso per la restituzione conseguentemente viene obbligata a stampare l’equivalente quantitativo di moneta corrispondente al tasso e di consegnarlo ad un fondo pubblico di investimento . Questa semplice regola dovrebbe risolvere tutti e tre i problemi precedentemente indicati…una via di mezzo tra il monetarismo puro e le teorie keynesiane in grado di rimettere in circolazione la precisa massa monetaria a compensare i debiti ,ovviamente l’inflazione andrebbe controllata comunque ecc…ecc..

  7. Redi Saliasi

    Honorable Mr. Juncker,
    Honorable Mr. Trichet,

    My question regarding the Euro-crisis would be:
    “Do you think that bailouts have helped to heal and/or ease the appetite of our politicians for power and their shortsighted vision which reaches only until the next electoral campaign, so that we may save ourselves from another crisis like this?”

    Thank you,

    Redi Saliasi

  8. Nico Keppens

    What the crisis certainly learned is that no EC member state on its own is strong enough to handle it, that there is a commonly shared interest. So do you think that member states will go further on the road to accept the Commission as the instrument to coordinate much more the domains that are best handled at EU level (subsidiarity!)? And will the member states help to explain this to their own citizens?

  9. Leonardo Baggiani

    Dear Junker, dear Trichet,

    first of all I say I disagree with the eurozone-experiment as it is shows to be intended nowadays, but I will try see things by your side. I have some questions:

    1 – One lesson “you” should have learned is that Governments are intrinsically unreliable. You cannot send public money on mere “promises” of spending reviews or reforms; during the 2 years-long bailing out of Greece on promises of fixing the situation, its public debt rose from 120% to 160% to anyway getting to default, that is to say it has been a useless but costly venture: do not “you” think the EU should be properly tough, with one single opportunity for governments to keep their promises and, if negative, let the State immediately default?
    2 – At the very beginning of the EBC life, it was common wisdom that an a-national monetary policy led by an autonomous Central Bank would have forced public finances to be responsibly managed via market discipline i.e. financial markets withdrawing their funding to States or just the menace of this. But once the described situation(s) occurred, European authorities have done their best not to let markets exert this discipline by “drowning” problems with liquidity or imposing new financial rules and forbiddances thus falsifying means and instrument of markets and their discipline: prices and interest rates. Has the EU actually the courage to keep its own principles then, or is just prey – this is what we have learned – to short-sighted politicians?
    3 – After years of crisis, with officially defaulted Greece, Spain Ireland and Portugal on a life-supporting machine and Italy trembling on the edge (though mere public finance problems may be fixed for the few coming years with longer projections head to improvements), the Euro is still above 1.30 against U.S. dollar the most of the time; have we not learned the lesson that economics of money implies the Euro not to be so sensitive to a certain deal of fiscal problems?
    4 – Are we sure we have to save every bank? Cannot the financial system really cope with the bankrupt of some institutions? What is the actual risk of a bank-domino leading to zero-ing our economies? A lesson I have learned is that protecting each single corner of the banking system is actually aimed to protect a channel for active monetary policy (by this perspective, absolutely of the Keynesian kind) instead of the payment system per se. This erases any hope for market discipline on banks; are we to go on this way for long?
    5 – Related to question lessons 2 and 4: capitalism and markets rest on the risk (menace or occurrence) of failure and symmetric assignment of losses and rewards. Private rewards with social losses violate the schemes and pays opportunism and moral hazard (i.e. some agents act suboptimally in terms of risk vs rewards which involves wasting resources). The lesson: last EU interventions look closer to asymmetry; is there a serious discussion about this within the EU? Has the EU the will to finally disclose its goal to socialize Europe or get rid of these asymmetry bias?
    6 – Last lesson, overly simplified: it looks like “the EU” has read and applied a lot of Keynes, just read some Friedman, no ideas of Hayek.

    Regards

    • Leonardo Baggiani

      “Private rewards with social losses violate the schemes”
      sorry, I meant “Private rewards with socialised losses violate the schemes”

  10. renata castagna

    The ECB can not give funds to banks, and private financial institutions without fixing disbursement conditions to be applied to sub-lender, such as: maximum rate interest, and time for repayments, and fees chargeable, and financial back terms, and turnaround times of disbursement loans.

    Today the ECB it has stained with a fraud against the citizens of Europe by giving loans to private with low interest rate and without conditions.
    It is a swindle so it is essential a change on the attitude of BCE in order to review immediately the current conditionality of loans.

    It is also needed worldwide the support to the labor market, this can be easily done by helping the workers on third countries to push on governments to adapt labor regulations and conditions.

    Stop with the regressing of European’s standards!

  11. Mariana Abrantes

    The most imortant lesson should be to focus on the importance of keeping intra-Eurozone trade and current accounts close to balance, and to avoid the perverse incentives in the badly designed Maastricht criteria. See the blog PPP Lusofonia

  12. Effie Vlahopoulou

    It has become evident that Bank investments have no longer as a priority the enterprenersip and competitiveness of SMEs. On the opposite, they prefer to gample for easy money. Do you think that we will be able to stop them unless there is a stong political will?

  13. MARIA MARINAKOU,

    This video is from the National German channel. In summary, it proves that the German economy, according to credible German economists and industrialists, has benefited by the Greek crisis enormously in both increase of exports and also wages due to extra demand. The estimations shown of an increase of about 60 billion euros in the last year. This is also related to the fact that in Germany interests rates have scored a historical low, making easier for the business sector to expand. This is actually the exact opposite from what is happening to the rest of Europe. The documentary also indicates that the actual transfer of bail out money from Germany to Greece so far is around 15, 2 billion euros, with increased securities and interests rates.
    http://www.youtube.com/watch?v=TYIlIKnc6QY&feature=share

  14. MARIA MARINAKOU,

    In my previous comment, please reply to the following questions:
    1. Why you pretend you are saving Greece, when you systematically destroy with the Troika austerity policies both its social fabric and its real market capacity to recover after 5 consecutive years of recession.
    2. Why don’t you propose a 10 year development plan for the country that it is beyond debt repayment and deficit reduction? Why you have poverty reduction targets in EU2020 and you break the promises of the Strategy when the 5 troika countries are concerned? Is their National Reform Plans a paper exercise?
    3. Why don’t you recognize publicly that the only country benefiting from the crisis is Germany and that this has to stop if the European Union is to survive.

    Thank you for your reply.

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