European Central Bank President Jean-Claude Trichet said the decisions reached at last week’s summit of European leaders in Brussels need “very precise and swift implementation” if financial stability is to be restored, Germany’s Bild Zeitung reported in an extract of an interview to be published tomorrow.
Trichet is “confident” governments will succeed in the effort, which the ECB “will monitor very closely,” the ECB president is cited as saying.
Trichet didn’t rule out additional non-standard measures by the ECB such as the purchase of bonds of struggling euro-area countries or the provision of liquidity to banks, though such steps “are only justified in the exceptional circumstances of a global crisis of the biggest magnitude,” the newspaper cited him as saying.
There is no need for the ECB to continue with such measures once governments have the new instruments at their disposal and are ready to apply them, Bild cited Trichet as saying.
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