It is too early to say that the crisis is over, says Trichet
July 9, 2010 – 4:05 amIt is too early to declare that the financial crisis is over, says the president of the European Central Bank Jean-Claude Trichet.
"The events of recent months have shown clearly that it was too early to declare the crisis over," he said at a conference organized by the Center for Financial Studies at the University Goethe Frankfurt.
"Governments and central banks in Europe and around the world continue to respond to changing economic and financial situation by taking prompt action, decisive and effective," he added.
The President of the ECB also said that more needed to be done to reform the regulation of financial markets.
He also said he disagreed with the idea that public spending cuts could hamper growth.
"We (the ECB) are totally against the idea that public spending cuts will impede growth," he said. "The building measures (budget) will help the current recovery to be transformed into sustainable growth."
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