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Trichet Says Focus Should Be on Systemically Dangerous Banks

Former European Central Bank President Jean-Claude Trichet said that it wouldn’t be right to go back to the fragility in the financial system that was evident before the financial crisis.

“We have to do what is required by the circumstances,” he said. “We cannot put ourselves in the situation as we were in 07-08.”

The international effort that must be implemented is “entirely designed to have a system which is much less fragile,” he said. “Nobody would forgive us to let the system be as fragile tomorrow as it were three years ago.”

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

To contact the editor responsible for this story: Fergal O’Brien at fobrien@bloomberg.net

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