Every single step of the way the bank has made mistakes. When the crisis hit, most central banks lowered interest rates, Trichet raised them before lowering them like everybody else.
As The UK, Japan and USA have tried going to zero interest rates using free money; the ECB has started raising interest rates again. Apparently, to increase its "credibility" in fighting inflation. What credibility?
The "No Bail out clause" was scrapped without thought, and Ireland has been printing Euros' with abandon.
Trichet has ignored the banks rules concerning the eligibility and quality of assets it takes as collateral and is now accepting "toilet paper" from Greece
Against the rules, he told markets he had stopped buying bonds, while in reality he was saving the banks money to secretly monetize debt via support for Italian bonds at last Thursday auctions.
And, on Friday, he put in place the final cog for a massive sell off in European banks by allowing the results of the stress to be made up.
"Even media organisations with no Euroscpetic axe to grind ooze contempt."
