Head of ECB bows out as term comes to an end

As the financial crisis continues to sweep the world, Jean-Claude Trichet says goodbye to European Central Bank.



    The eurozone's top banker has come to the end of his term as European Central Bank [ECB] chief - just as the area's major economies have agreed a plan to end the debt crisis.

    Jean-Claude Trichet has a legacy of resisting pressure for the ECB to be turned into a super-lender for indebted states.

    On the current economic crisis he said: "It is a global crisis and I would say that it's an ongoing process, an ongoing process of structural adjustment at a global level.

    "So, I would say it calls for permanent attention, for credible alertness as I used to say, and I would not embark on qualification of where we are exactly in this process. It's an ongoing process."

    His replacement is Mario Draghi, previously governor of the Bank of Italy.

    Draghi has suggested the ECB will keep buying up the bonds of troubled states, like his own country.

    Al Jazeera's Rory Challands reports.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Interactive: How does your country vote at the UN?

    Interactive: How does your country vote at the UN?

    Explore how your country voted on global issues since 1946, as the world gears up for the 74th UN General Assembly.

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.