According to former ECB President Jean-Claude Trichet, Croatia’s entry into the euro on January 1 is a good signal. He was very happy that he was able to welcome five new countries to the euro area during his time as ECB President, said Trichet in an interview with the German Press Agency.
“From 12 to 17. Today we are 19 countries in the euro area. And we are becoming even more numerous. Europe is about to make history.” Croatia will be the 20th country to introduce the euro.
At the same time, joining the common currency means a great deal of responsibility for every candidate, Trichet explained: “Joining the euro currency area is a very important step that will determine the fate of an entire country, of all its citizens, regardless of their political sensitivities,” said Trichet, who was President of the European Central Bank from November 1, 2003 to October 31, 2011.
“We have criteria for the enlargement of the eurozone. The criteria have to be met when a country joins, but I have always emphasized that they must also be met after accession.”
Europe must not rely too much on the US
Overall, according to Trichet, Europe needs to do more for its own defense. “The unity of the European Union is extremely important. It requires not only that we strive for a political federation in the long term, but also for a genuine European defense to go with it. Our continent cannot forever rely on the military umbrella of the United States,” said Trichet.
“In the world of tomorrow, in which emerging powers – not only China, but also India, Indonesia, Brazil, Nigeria and so on – will play a crucial role, the European Union will have to assert itself as one of the most important geostrategic powers, on an equal footing with the US, China and India,” said Trichet.
The former ECB President said he thinks it is very important that the Europeans present themselves as one in the face of the Russian war of aggression against Ukraine. A close relationship between Germany and France is a decisive factor.
“Of course we’ve seen recently that there were differences of opinion between the two countries. I regret that these discussions – which are quite legitimate – became very visible,” said Trichet on the relationship between the Germans and the French. “Nevertheless, I am sure that there is a will on both sides to strengthen bilateral friendship and cooperation. Furthermore, the very close cooperation of all nations in Europe remains crucial – more than ever as we live in a very challenging world. “
