Trichet: Recovery through credit and financial control
Posted on January 3, 2010 by John Trevors for Luckyroom.com
Banks should provide adequate funds to the governments of the eurozone to dominate the public economy, to support a global economic recovery in 2010, said President of the European Central Bank Jean Claude Trichet. In comments published in the Sunday Bild, Jean-Claude Trichet added that the recovery from the financial crisis requires a global effort to prevent loss of jobs.
“Banks have to play their central role in fueling the economy with credit. Handling over the consequences of the crisis to the labor market may have a budgetary face and an additional challenge “as highlighted by Trichet. “The budget deficits in the euro area should be reduced by 2011 at the latest, and in some countries no later than 2010, in order to maintain public confidence in the economy,” concluded the President of the ECB.
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