Arab Today, arab today trichet warns crisis not over urges more action
Last Updated : GMT 23:21:11
Arab Today, arab today
Arab Today, arab today

Trichet warns crisis not over, urges more action

Arab Today, arab today

Arab Today, arab today Trichet warns crisis not over, urges more action

Berlin - Xinhua

The eurozone debt crisis that harassed the single currency bloc for years has not finished even with a welcomed solution yielded on the European Union (EU) summit, as the world and markets are waiting for swift and complete government actions, European Central Bank (ECB) President Jean-Claude Trichet said Sunday. In an interviewed with German weekly Bild am Sonntag, the Sunday edition of the mass-circulation newspaper \"Bild\", Trichet said the eurozone sovereign debt crisis, starting from Greek last year and spreading to other countries like Ireland and Spain, has stemmed from \"the weaknesses of the advanced economies.\" Despite Wednesday\'s decisive EU summit that hammered out a series of ambitious responses, \"the crisis is not over,\" warned Trichet, a 68-year-old Frenchman that heads the ECB for eight years and is to step down on Monday. \"The decisions reached at the summit need to be implemented with great precision and speed,\" Trichet said. \"The quick and complete implementation of the decisions is now absolutely decisive.\" For eurozone leaders that vowed to end the year-long crisis, \"it\'s time for action,\" he added. However, after this week\'s summit, \"I\'m nevertheless confident that the eurozone governments will be able to restore financial stability, provided the bloc\'s Stability Pact rules are comprehensively and more aggressively enforced,\" the outgoing Trichet said, referring to a series of eurozone economic guidelines, including demanding a member state to keep its deficits under three percent of gross domestic product (GDP). These rules were not strictly obeyed by many eurozone states, which were \"serious mistakes\" made by some eurozone governments in Trichet\'s eyes. In late 2009, Greece reported its budget deficit accounted for 12.7 percent of GDP, shocking the global market and triggering the debt crisis over the continent. As for the ECB\'s controversial moves on buying bonds of heavily indebted countries, Trichet said taking these special measures were necessary so that the bank\'s interest rate decisions are transmitted correctly to the economy. \"The ECB council decided all special measures due to monetary policy purposes and in complete independence,\" he stressed. \"Members of the ECB council cannot take orders from a government or interest groups.\" \"Once governments have new tools that can restore the financial stability, and they are ready to use them, there is no reason for us to hold on to these special measures,\" Trichet said. With regards to the recent Occupy Movement, Trichet believed that \"we should pay very close attention to the signals coming from the gathering\" -- countries should strengthen the robustness of the economies that are able to create wealth and jobs and prevent banks\' behaviours that are \"not compatible with values of our society.\" \"We all should work hard to strengthen the financial system, both at European and at global level,\" he added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today trichet warns crisis not over urges more action Arab Today, arab today trichet warns crisis not over urges more action

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday