Jean-Claude Trichet, European Central Bank president, urges governments to take care of their responsibilities and take act to fend off troubles in the global economy. Trichet does so backing calls from the Group of Seven leading developed economies to take concerted action to support growth.
“We shouldn’t deny the difficulties we’re facing, we’re taking ourselves our responsibilities, within the limit of our mandate and as far as monetary policy is concerned, and we’re asking that governments take theirs, with no exception…in these very challenging times,” Trichet told reporters after the meeting.
G-7 countries agreed to prop up fragile growth in the short-term while still enacting credible long-term deficit-reduction plans, as they vowed to take concerted action in a bid to calm markets, roiled by a slowdown in the global economy and uncertainties over sovereign debt problems in the euro zone.
Marseilles, September 10, 2011 (Dow Jones)
