Interview with Mr Trichet after G7 meeting

11 February 2008

In an interview following the G7 meeting in Japan, Jean-Claude Trichet, President of the ECB, underlined that it is now the time to draw the lessons from the sub-prime turmoil. “We are experiencing a market correction of great amplitude”, he said. “We have the first stress-test in real magnitude of the new global finance with all the financial innovations and new instruments.”

 

Because of the financial market turbulence and its effects on the real economy “we were in an unusually high level of uncertainty”, Trichet stated.

 

Commenting on the European banking sector in particular, the ECB President underlined that “transparency is of the essence”.

 

Full interview

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