Update 1  adds link to Trichet’s 04 June 2009 statements

Whereas for his predecessor, the late Dr Willem F Duisenberg, money represents the confidence that we place in each other (1),

European Central Bank president Jean-Claude Trichet said on Thursday 04 June 2009 at the ECB press-conference that
the citizens of Europe should have confidence in the steering of policy by fiercely independent bureaucrats,
so that the citizens could consume more. (2)

John Maynard Keynes would have liked that…

Ivo Cerckel
honestmoney@maktoob.com

(1)
International Charlemagne Prize of Aachen for 2002
Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html

(2)
Introductory statement with Q&A
Jean-Claude Trichet, President of the ECB,
Lucas Papademos, Vice President of the ECB
Frankfurt am Main, 4 June 2009
+
Transcript of the questions asked and the answers given by Jean-Claude Trichet, President of the ECB, and Lucas Papademos, Vice-President of the ECB
http://www.ecb.int/press/pressconf/2009/html/is090604.en.html
SNIPS
I also confirmed to Kanzlerin Merkel that we have a proved track record in terms of the FIERCE INDEPENDENCE of the ECB.
+
That being said, it is extremely important for the success of what we are doing today, that the confidence of economic agents, businesses and fellow citizens, is reinforced by THE JUDGEMENT THAT THE STEERING of medium and long-term policies is REASONABLE, wise and in line with the overall interest of all such agents. This is true for monetary policies as well as for fiscal policies. And that is true in all countries. All the information I have from all the euro area countries and fellow citizens points in the same direction, without a doubt.
With regard to your second question, on the Baltic countries, we are closely following the situation in all countries, not particularly only that in the Baltic countries. We are observing the most recent events with CONFIDENCE that the appropriate solutions will be found. And I am confident that the solidity of the Baltic States will continue to be demonstrated.
+
And again, I reiterate the fact that the final result depends on us. Nobody is the sole master of the future: the future of the economy is made by all of us. The future is made by our fellow citizens, to a very large extent. If they have CONFIDENCE, then THEY CONSUME MORE and we are in a different, more positive economic universe. And this, in turn, would trigger investment by the corporate sector and starting acceleration of investment. So, we are not passively expecting future economic developments. They depend on our capacity to increase confidence.