PALO ALTO, California -- European Central Bank President Jean-Claude Trichet made news at the press conference following the May meeting of the ECB Governing Council not by what he said, but by what he did not say.
Trichet, who on occasion has protested increases in the strengthening of the euro, refused to object to its recent appreciation even when encouraged to do so by several reporters.
Is this a sign that the tide is turning in Europe in favor of a stronger euro? Or does it simply reflect the fact that the ECB now intends to enforce its old policy of not commenting on exchange rates whatever the circumstance?