Did SocGen tell Trichet that they had this $7 billion problem on their books? That would explain his steely presence in the face of the rout. And now, he can use the guise of economic conditions to lower rates, when he feels economic conditions allow it.
The ECB doesn't micromanage like the Fed. They left rates at 2% for 1 1/2 years, and raised them just to 4% while our Fed was going willy nilly down to 1%, and up to 5.25%.
And our markets go willy nilly on every Fed nuance.
It's better to be Oz than the tinman.