January 8, 2011
ECB President Jean-Claude Trichet used his first major address of the new year to appeal to governments to "turn the page" from a crisis-marred 2010 and redouble their efforts to rein in budgets and apply harsh penalties to deficit rule-breakers.
Mr. Trichet assured German lawmakers at a party conference in southern Germany that he wouldn't stray from the ECB's anti-inflation mandate even as higher food and energy prices have pushed euro-zone inflation to a two-year high, and again defended last year's controversial decision to purchase government bonds of vulnerable euro members.
"After one of the most difficult years for our still young common currency, it is time to turn the page," Mr. Trichet told members of Germany's conservative Christian Social Union, or CSU, the Bavarian wing of the ruling Christian Democrats.
"Monetary-policy responsibility cannot substitute for government irresponsibility," Mr. Trichet said.
More
No comments:
Post a Comment