jean - claude trichet : interview with weser - kurier interview with mr jean - claude trichet, president of the european central bank, in weserkurier, germany, conducted by ms annemarie struß - von poellnitz on 11 february 2011 and published on 13 february 2011. * * * weser - kurier : is this your first time in bremen? trichet : yes, indeed. i ’ ve been to lubeck and hamburg, but i ’ m really eager to get to know bremen. weser - kurier : in 1978 bremen was the setting for the launch of the virtual single currency, the ecu. we ’ ve now had the euro for 12 years. although most germans accept the euro, they don ’ t love it. can you understand that? trichet : it is important to look at facts and figures. the euro is a stable and credible currency, and the european central bank is here to ensure that our currency serves its purpose well – namely ensuring price stability – for the german people and the 331 million citizens of the euro area as a whole. the euro has held its value remarkably well in the 12 years since it was launched, with an average annual inflation rate of below 2 % ( 1. 97 % to be precise ). that ’ s better than anything achieved by the national central banks before the introduction of the euro. our primary mandate is to maintain price stability, which we have done. weser - kurier : but fears of inflation are currently increasing. according to the german figures for january, which have just been announced by the federal statistical office, the inflation rate rose to 2 %, compared with 1. 7 % in december. this worries people. trichet : the average annual inflation rate in germany in the last 12 years has been 1. 5 %, which is even lower than the euro area average. i ’ ll say it again : that ’ s better than in the 50 years before the introduction of the euro. of course, we ’ re not the masters of the price of oil or other commodities. we ’ ve also witnessed large swings in the price of oil and other commodities in the past, mainly driven by strong demand from emerging economies. but people can rest assured that we ’ ll continue to do everything in our power to avoid the second - round effects of external shocks, thereby ensuring price stability in the medium term. weser - kurier : it ’ s not just commodity prices, but

made the decision to launch the european monetary system. since then i ’ ve worked in different ways and in different functions to realise the single currency, which is a milestone in the deepening of the european union. as a result of these functions, i had the great privilege to contribute at critical junctions. these historic, major efforts, which began shortly after the second world war, are of fundamental significance for european peace, stability and prosperity. i was extremely touched to be told that i would be receiving this year ’ s charlemagne prize. weser - kurier : is there a special relationship between germany and france? bis central bankers ’ speeches trichet : the friendship between germany and france has played a historic role in creating a united europe. this friendship needs to be put to the service of overall european unity, for all european nations. there are 27 countries in the european union and now 17 in the euro area. weser - kurier : you are about to enjoy cod and green cabbage at the schaffermahl. today is also the 85th birthday of paul bocuse, the inventor of “ nouvelle cuisine ”. what does good food mean to you? trichet : i love good food and “ nouvelle cuisine ”. i always like to discover something new. i ’ m sure i ’ ll do just that at the schaffermahl. bis central bankers ’ speeches