Trichet Says Governments Must Use Time ECB Bought for Them

Former European Central Bank President Jean-Claude Trichet said that indebted euro-area governments must use the time the ECB has bought for them to implement reforms.

“The message is that this time is given to do the hard work which is absolutely necessary,” Trichet said at an event in Madrid today. If conditions aren’t respected, “we take the risk that other partners, the private sector, the public sector, the surveillance authorities and the governments themselves take advantage of the time which is given by the central bank.”

To contact the reporters on this story: Stefan Riecher in Frankfurt at sriecher@bloomberg.net; Emma Ross-Thomas in Madrid at erossthomas@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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