Former ECB President Trichet Stands By Euro’s Stability

Former European Central Bank President Jean-Claude Trichet stood by the euro’s stability Monday despite the failure to secure a Greek debt deal thus far.

“This idea that the euro area is about to evaporate or collapse, which is in the air since the very beginning, is wrong,” Trichet told CNBC’s “Squawk on the Street.” After the euro plunged roughly 2 U.S. cents overnight Monday, the currency battled back and even briefly traded in positive territory against the dollar.

“I trust that the euro as a currency has proved a remarkable resilience in the worst crisis since World War II of the advanced economy … so from that standpoint, I think the confidence in the euro is not touched at all,” he said. “What is likely at this stage, in my opinion, is that most observers do not know and are not pricing in either ‘yes’ or ‘no.'”