Jean-Claude Trichet: Intervention at the Eurofi Financial Forum 2011
15 September 2011
In a speech at the Eurofi Financial Forum 2011 in Wroclaw, ECB President Jean-Claude Trichet welcomed the opportunity to exchange views on issues central to the effective functioning of the financial sector and its key task of supporting sustainable growth in the real economy.
At the Pittsburgh Summit two years ago, the G20 leaders reiterated their promise to do “everything necessary to ensure recovery, to repair our financial systems and to maintain the global flow of capital”. Now, more than ever, there is a need to make significant progress in delivering on those promises.
Mr Trichet focused on what has been achieved so far by collective efforts to repair financial systems – in particular the establishment of the new European supervisory structure, the agreement on Basel III and the global framework for systemically important financial institutions (SIFIs). But he said there is still very important work to be done on a number of regulatory challenges.
Conclusion – messages:
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Everything that has been decided has to be implemented strictly, comprehensively, and fully.
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Much remains to be done. No complacency should be tolerated in any field.
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Reminder that the central banks – and the ECB in particular but with all others – have called permanently for sound fiscal management, sound economic policies and structural reforms, strict implementation and reinforcement of the European economic and fiscal governance, not only in stress times, but also in times of generalised benign neglect of both governments and markets.
Full speech
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