Trichet Says ‘Now Is The Time’ for EU Action, Corriere Reports

European Central Bank President Jean-Claude Trichet said “now is the time” for euro-area governments to act to tackle the single-currency area’s debt crisis, Corriere della Sera reported, citing an interview.

Trichet said “effective action, implementation, verbal discipline and a stronger team spirit on the part of the European executive branches,” are needed, the newspaper reported.

The Frankfurt-based ECB is “never pre-committed” on interest rates, and non-standard measures need to be “exactly commensurate” to the level of tension in financial markets, Trichet was quoted by the newspaper as saying.