|
(CEP News) - European Central Bank President Jean-Claude Trichet says that structural changes in the financial system are occurring and a market correction is unavoidable.
Speaking at a conference in Evian, France, Trichet said that the international economy has underestimated risks and that the current crisis is striking right at the heart of the financial system. Trichet added that central banks are working closely together and that the ECB is at the point where it will do everything it can. He explained that there is a consensus on the need for international action, adding that it is important for the European Union to remain disciplined. Trichet said financial markets should increase their transparency and that all authorities need to assume their own responsibilities, warning that there should be no more scapegoating. By Steve Stecyk,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Nancy Girgis,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
