November 18, 2010
European Central Bank President Jean-Claude Trichet on Thursday expressed "grave concerns" about the depth of the European Union's stability pact, calling for a "quantum leap" in economic governance.
Speaking at a central banking conference in Frankfurt, Mr. Trichet also outlined a situation when the ECB may deviate from its usual "medium-term orientation" and "look beyond" that horizon.
"We condition our policy-relevant horizon on the nature and magnitude of the shocks hitting the economy," he said, adding that "the relevant notion of medium term might be somewhat longer than in more normal circumstances."
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