Times are demanding & exceptionally uncertain: Trichet

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Speaking on the global financial crisis, the bailout package and the health of the European economy, European Central Bank President, Jean Claude Trichet said, "Times are demanding and they are also exceptionally uncertain. So what I expect from the meeting which will take place, is firstly to compare notes, to compare diagnosis, to be sure that important heads would be there and also European institution would be there, to be sure that we are all having a right and lucid analysis of the situation. Diagnosis is difficult in periods with such a high level of uncertainty. In that sense it is certainly very useful."

 

Trichet said the ECB has clear responsibility which is to ensure by stability, to implement when the monetary policy stance is defined, the financing of banks in fashion which is aligned with our decision and to help when there are liquidity issues at stake.

 

Each time there is a solvency issue, the ECB cannot go further, and the National Central Banks of the euro-system cannot go further, and then we have to see what the Governments can do, Trichet added.

 

"I had occasions to tell Governments that they had themselves to be up to their responsibilities and European Governments have proven that they were up to their responsibilities," Trichet said.